The Hamilton Island Resort, a Popular Tropical Holiday Destination on the Great Barrier Reef, Reportedly Set to be Sold by US Investment Giant.
An iconic resort island situated within the World Heritage-listed Great Barrier Reef has reportedly been sold to a US-based private equity firm in a deal said to be worth A$1.2 billion.
“We are honored to build on the legacy and commitment that the family owners has established in the center of the World Heritage-listed Great Barrier Reef,” stated a company executive.
Details of the Sale
Headquartered in New York, Blackstone – which also owns the hospitality group Crown Resorts – confirmed it had signed an deal to purchase the island resort from the Oatley family, subject to customary approvals from regulators.
The family issued a comment saying they were pleased with the new owners of an island that holds a “unique position in the affections of countless Australians” and is known as “Australia’s Tropical Island”.
The Island's Scale and Features
Located roughly 900 kilometers north of Brisbane and about 500km south of Cairns, the island spans more than 1,130 hectares spanning two separate islands.
Roughly thirty percent of the land is built upon, including a significant array of facilities:
- Five hotels
- More than 20 restaurants and bars
- Twenty shops and retail spaces
- An championship 18-hole golf course on adjacent Dent Island
- A marina and a commercial airport
The resort is noted as a significant employer in the Whitsunday region, supporting a large on-island community and staff, as well as a broad network of local partners, vendors, and local businesses.
Historical Context at The Island's History
The late Robert Oatley, a renowned sailor and winemaker, first bought the resort for A$200 million in 2003 after spotting the island from aboard a yacht while sailing through the Whitsunday passage.
The island's development boom first began in the 1980s. For decades prior that, it was home to simple iron huts and more humble quarters that hosted domestic holidaymakers from inland areas and from the south.
The Buyer's Other Holdings and Regional Background
Blackstone has ownership of hotels and luxury resorts in multiple nations, such as Japan, India, the Maldives, Sri Lanka, and the United States.
The area is the traditional lands and seas of the Ngaro Indigenous people. Its name comes from Captain James Cook, who sailed the Endeavour through the archipelago on Sunday 3 June 1770, which was Whit Sunday.
