Hamilton Island, a Iconic Tropical Getaway on the World Heritage Reef, Reportedly Set to be Sold by US Private Equity Firm.
A major resort island located on the Great Barrier Reef has reportedly been sold to a American private equity firm in a deal reportedly valued at 1.2 billion Australian dollars.
“We are honored to build on the legacy and commitment that the family owners has built in the center of the iconic Great Barrier Reef,” said a senior representative.
The Reported Sale
The New York-headquartered, the investment firm Blackstone – the owner of the casino-hotel chain Crown Resorts – confirmed it had entered into an agreement to acquire the island resort from the Oatley family, pending customary regulatory approvals.
The sellers released a statement saying they welcomed the new owners of an island that holds a “unique position in the affections of many 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 spans more than 1,130 hectares across two islands.
Approximately thirty percent of the land is developed, including a significant range of facilities:
- Five hotels
- More than 20 restaurants and bars
- 20 retail outlets
- An championship 18-hole golf course on adjacent Dent Island
- A marina and a commercial airport
The resort is noted as a major job provider in the Whitsunday region, sustaining a large on-island community and staff, as well as a broad network of local partners, suppliers, and area businesses.
Historical Context at Ownership
The deceased Robert Oatley, a renowned sailor and vintner, originally purchased the resort for $200 million in 2003 after spying the island from aboard a yacht while sailing through the Whitsundays.
The island's development boom first began in the 1980s. In the decades before that, it was home to simple iron huts and more humble quarters that housed domestic holidaymakers from inland areas and from the south.
The Buyer's Other Holdings and Local Heritage
Blackstone also owns luxury hotels and resorts in several nations, such as Japan, India, the Maldives, Sri Lanka, and the United States.
The area is the traditional lands and seas of the Ngaro people. Its name comes from Captain James Cook, who navigated the HMS Endeavour through the archipelago on June 3, 1770, which was the Christian holiday of Whit Sunday.
