Hamilton Island, a Iconic Queensland Holiday Destination on the World Heritage Reef, Reportedly Set to be Sold by American Investment Giant.
A major tropical holiday destination located on the Great Barrier Reef has reportedly been sold to a American private equity firm for a sum said to be worth 1.2 billion Australian dollars.
“We are honored to continue the legacy and commitment of the family owners has established in the center of the World Heritage-listed Great Barrier Reef,” said a company executive.
The Reported Sale
Headquartered in New York, Blackstone – which also owns the casino-hotel chain Crown Resorts – announced it had entered into an deal to purchase the Hamilton Island resort from the Oatley family, 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 hearts of countless Australians” and is referred to as “Australia’s Tropical Island”.
The Island's Size and Amenities
Located almost 900km north of Brisbane and about 500km south of Cairns, the island covers more than 1,130 hectares spanning two separate islands.
Roughly 30% of the area is developed, including a substantial array of facilities:
- Five hotels
- More than 20 restaurants and bars
- Twenty shops and retail spaces
- An championship 18-hole golf course on neighboring Dent Island
- A boat marina and a functioning airport
The resort is described as a major job provider in the Whitsunday region, sustaining a sizable resident community and workforce, as well as a wide network of local partners, suppliers, and area businesses.
A Look Back at Ownership
The deceased billionaire Robert Oatley, a renowned yachtsman and vintner, originally purchased the resort for A$200 million in the year 2003 after spying the island from aboard a yacht during a voyage through the Whitsunday passage.
The island's development boom initially started in the 1980s. In the decades before that, it was home to simple iron huts and modest accommodations that housed Australian vacationers from the outback and southern states.
Broader Portfolio and Local Heritage
Blackstone also owns hotels and luxury resorts in several countries, including 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 HMS Endeavour through the island group on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.
