Hamilton Island, one of the Popular Tropical Getaway on the Great Barrier Reef, Reportedly Sold by American Private Equity Firm.
An iconic tropical holiday destination located within the Great Barrier Reef has entered into an agreement for sale to a American investment group in a deal said to be worth 1.2 billion Australian dollars.
“We are honored to build on the legacy and commitment that the family owners has established in the heart of the World Heritage-listed Great Barrier Reef,” stated a company executive.
Details of the Acquisition Agreement
The New York-headquartered, 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, subject to standard approvals from regulators.
The family released a statement noting they were pleased with the new owners of an island that holds a “special place in the affections of countless Australians” and is known as “Australia’s Tropical Island”.
The Island's Size and Amenities
Located almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton spans more than 1,130 hectares across two islands.
Approximately thirty percent of the land is developed, featuring a significant range of facilities:
- Five separate hotels
- Over twenty restaurants and bars
- Twenty shops and retail spaces
- An 18-hole championship golf course on adjacent Dent Island
- A marina and a commercial airport
Hamilton Island is described as a major job provider in the Whitsundays, sustaining a large on-island community and workforce, as well as a wide network of regional partners, suppliers, and area businesses.
A Look Back at Ownership
The deceased billionaire Robert Oatley, a well-known sailor and vintner, originally purchased the resort for $200 million in the year 2003 after spying the island from the deck a yacht during a voyage 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 the outback and from the south.
Broader Portfolio 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 area is the ancestral territory of the Ngaro people. The name comes from Captain James Cook, who sailed the Endeavour through the archipelago on June 3, 1770, which was Whit Sunday.
