Hamilton Island, one of the Popular Queensland Getaway on the World Heritage Reef, Reportedly Set to be Sold by US Private Equity Firm.
A major resort island situated within the World Heritage-listed Great Barrier Reef has reportedly been sold to a American private equity firm for a sum reportedly valued at 1.2 billion Australian dollars.
“It is an honor to continue the legacy and commitment that the family owners has built in the heart of the World Heritage-listed Great Barrier Reef,” said a company executive.
Details of the Sale
The New York-headquartered, the investment firm Blackstone – which also owns the casino-hotel chain Crown Resorts – announced it had signed an agreement to acquire the Hamilton Island resort from the Oatley family owners, subject to customary regulatory approvals.
The family released a statement noting they welcomed the new owners of an island that holds a “special place in the affections of many Australians” and is referred to as “Australia’s Tropical Island”.
Hamilton Island's Scale and Features
Located almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, the island covers more than 1,130 hectares across two islands.
Approximately 30% of the land is built upon, including a significant range of facilities:
- Five hotels
- More than 20 dining and drinking venues
- 20 retail outlets
- An 18-hole championship golf course on adjacent Dent Island
- A boat marina and a functioning airport
The resort is noted as a major job provider in the Whitsundays, sustaining a sizable resident community and workforce, as well as a wide network of regional partners, vendors, and area businesses.
A Look Back at The Island's History
The deceased Robert Oatley, a renowned yachtsman and winemaker, originally purchased the resort for A$200 million in 2003 after spying the island from aboard a yacht while sailing through the Whitsundays.
The island's development boom initially started in the 1980s. In the decades before that, it was home to galvanised iron huts and more humble quarters that housed domestic holidaymakers from the outback and from the south.
Broader Portfolio and Local Heritage
Blackstone has ownership of hotels and luxury 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. Its name comes from Captain James Cook, who sailed the Endeavour through the archipelago on June 3, 1770, which was the Christian holiday of Whit Sunday.