Hamilton Island, a Popular Queensland Getaway on the Great Barrier Reef, Reportedly Set to be Sold by American Private Equity Firm.
A major tropical holiday destination located within the Great Barrier Reef has reportedly been sold to a American private equity firm for a sum reportedly valued at A$1.2 billion.
“We are honored to continue the vision and dedication of the Oatley family has built in the heart of the World Heritage-listed Great Barrier Reef,” stated a company executive.
Details of the Sale
The New York-headquartered, 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 owners, pending customary approvals from regulators.
The family released a statement noting they were pleased with the change in ownership of an island that holds a “unique position in the hearts of countless Australians” and is referred to as “Australia’s Tropical Island”.
Hamilton Island's Size and Amenities
Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton covers more than 1,130 hectares spanning two separate islands.
Approximately 30% of the land is developed, including a substantial range of amenities:
- Five hotels
- Over twenty dining and drinking venues
- 20 retail outlets
- An championship 18-hole golf course on adjacent Dent Island
- A boat marina and a commercial airport
The resort is described as a significant employer in the Whitsundays, sustaining a large on-island community and staff, as well as a wide network of local partners, vendors, and local businesses.
A Look Back at Ownership
The deceased Robert Oatley, a renowned sailor and vintner, first bought the resort for $200 million in the year 2003 after spying the island from aboard a yacht while sailing through the Whitsundays.
The island's major development phase first began in the 1980s. For decades prior that, it was home to simple iron huts and more humble quarters that housed Australian vacationers from the outback and southern states.
The Buyer's Other Holdings and Local Heritage
The acquiring firm also owns hotels and luxury resorts in multiple countries, including 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 derives from Captain James Cook, who sailed the Endeavour through the island group on June 3, 1770, which was the Christian holiday of Whit Sunday.
