Hamilton Island, a Popular Tropical Getaway on the Great Barrier Reef, Reportedly Set to be Acquired by American Private Equity Firm.
A major resort island located on the Great Barrier Reef has reportedly been sold to a US-based private equity firm in a deal said to be worth 1.2 billion Australian dollars.
“We are honored to continue the vision and dedication that the Oatley family has built in the heart of the iconic Great Barrier Reef,” stated a senior representative.
Details of the Sale
Headquartered in New York, Blackstone – which also owns the hospitality group Crown Resorts – announced it had entered into an deal to purchase the island resort from the Oatley family owners, subject to customary approvals from regulators.
The sellers issued a comment noting they were pleased with the change in ownership 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 Size and Amenities
Positioned almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, the island spans more than 1,130 hectares spanning two separate islands.
Approximately thirty percent of the land is developed, featuring a significant array of amenities:
- Five separate hotels
- More than 20 dining and drinking venues
- 20 retail outlets
- An 18-hole championship golf course on neighboring Dent Island
- A boat marina and a commercial airport
The resort is noted as a major job provider in the Whitsundays, supporting a large on-island community and workforce, as well as a broad network of regional partners, suppliers, and area businesses.
A Look Back at The Island's History
The late billionaire Robert Oatley, a renowned yachtsman 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 major development phase initially started in the 1980s. For decades prior that, it was characterized by simple iron huts and more humble quarters that housed domestic holidaymakers from inland areas and from the south.
Broader Portfolio and Regional Background
The acquiring firm has ownership of luxury hotels and resorts in multiple countries, including Japan, India, the Maldives, Sri Lanka, and the United States.
The Whitsunday region is the ancestral territory of the Ngaro people. The name derives from Captain James Cook, who navigated the Endeavour through the archipelago on June 3, 1770, which was the Christian holiday of Whit Sunday.