Hamilton Island, one of the Iconic Queensland Holiday Destination on the Great Barrier Reef, Reportedly Set to be Sold by American Private Equity Firm.
An iconic tropical holiday destination situated on the Great Barrier Reef has reportedly been sold to a US-based private equity firm for a sum said to be worth 1.2 billion Australian dollars.
“We are honored to build on the vision and dedication of the Oatley family has established in the center of the World Heritage-listed Great Barrier Reef,” said a company executive.
Details of the Sale
Headquartered in New York, Blackstone – which also owns the casino-hotel chain Crown Resorts – confirmed it had entered into an agreement to acquire the island resort from the Oatley family, subject to customary regulatory approvals.
The sellers released a statement saying they were pleased with the new owners of an island that holds a “unique position in the affections of countless Australians” and is referred to as “Australia’s Tropical Island”.
The Island's Scale and Features
Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, the island covers more than 1,130 hectares spanning two separate islands.
Roughly thirty percent of the area is developed, including a significant range of facilities:
- Five hotels
- Over twenty dining and drinking venues
- 20 retail outlets
- 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 Whitsundays, supporting a large on-island community and staff, as well as a wide network of local partners, suppliers, and local businesses.
A Look Back at The Island's History
The deceased billionaire Robert Oatley, a well-known sailor and winemaker, first bought the resort for A$200 million in 2003 after spying the island from the deck a yacht during a voyage through the Whitsunday passage.
Hamilton's major development phase initially started in the 1980s. For decades prior that, it was home to galvanised iron huts and more humble quarters that housed domestic holidaymakers from the outback and southern states.
The Buyer's Other Holdings and Local Heritage
Blackstone has ownership of luxury hotels and resorts in multiple nations, such as Japan, India, the Maldives, Sri Lanka, and the United States.
The Whitsunday region is the traditional lands and seas of the Ngaro people. The name comes from Captain James Cook, who sailed the Endeavour through the island group on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.
