Hamilton Island, one of the Popular Tropical Getaway on the Great Barrier Reef, Reportedly Acquired by US Investment Giant.
A major tropical holiday destination located on the Great Barrier Reef has reportedly been sold to a American private equity firm in a deal said to be worth A$1.2 billion.
“We are honored to build on the legacy and commitment of the family owners has built in the heart of the iconic Great Barrier Reef,” said a company executive.
Details of the Sale
Headquartered in New York, the investment firm Blackstone – which also owns the casino-hotel chain Crown Resorts – announced it had signed an deal to purchase the island resort from the Oatley family, pending standard regulatory approvals.
The sellers released a statement saying they were pleased with the change in ownership of an island that holds a “special place in the affections of many Australians” and is known as “Australia’s Tropical Island”.
Hamilton Island's Scale and Features
Positioned roughly 900 kilometers north of Brisbane and about 500km south of Cairns, the island spans more than 1,130 hectares across two islands.
Roughly thirty percent of the land is developed, including a significant array of amenities:
- Five hotels
- More than 20 restaurants and bars
- Twenty shops and retail spaces
- An championship 18-hole golf course on neighboring Dent Island
- A marina and a commercial airport
The resort is described as a major job provider in the Whitsundays, sustaining a sizable resident community and staff, as well as a broad network of regional partners, suppliers, and local businesses.
Historical Context at The Island's History
The deceased billionaire Robert Oatley, a renowned sailor and winemaker, originally purchased the resort for A$200 million in 2003 after spying the island from the deck a yacht while sailing through the Whitsundays.
The island's development boom initially started in the 1980s. In the decades before that, it was characterized by galvanised iron huts and more humble quarters that housed domestic holidaymakers from the outback and southern states.
The Buyer's Other Holdings and Local Heritage
Blackstone has ownership of hotels and luxury resorts in several countries, such as Japan, India, the Maldives, Sri Lanka, and the United States.
The Whitsunday region is the traditional lands and seas of the Ngaro Indigenous people. The name comes from Captain James Cook, who sailed the HMS Endeavour through the archipelago on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.
