The Hamilton Island Resort, one of the Popular Tropical Getaway on the Great Barrier 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 investment group in a deal reportedly valued at 1.2 billion Australian dollars.
“We are honored to build on the vision and dedication that the family owners has built 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 – the owner of the casino-hotel chain Crown Resorts – announced it had signed an agreement to acquire the island resort from the Oatley family, pending standard regulatory approvals.
The sellers issued a comment 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”.
Hamilton Island's Scale and Features
Positioned almost 900km north of Brisbane and about 500km south of Cairns, the island covers over 1,130 hectares across two islands.
Approximately thirty percent of the land is developed, including a significant range of facilities:
- Five hotels
- Over twenty restaurants and bars
- 20 retail outlets
- An 18-hole championship golf course on neighboring Dent Island
- A boat marina and a commercial airport
The resort is described as a significant employer in the Whitsunday region, supporting a large on-island community and staff, as well as a wide network of regional partners, suppliers, and area businesses.
A Look Back at The Island's History
The deceased Robert Oatley, a well-known yachtsman and winemaker, originally purchased the resort for A$200 million in the year 2003 after spotting the island from the deck a yacht while sailing through the Whitsunday passage.
Hamilton's development boom first began in the 1980s. In the decades before that, it was characterized by simple iron huts and modest accommodations that hosted Australian vacationers from the outback and southern states.
The Buyer's Other Holdings and Local Heritage
Blackstone also owns 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. Its 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.
