The Hamilton Island Resort, one of the Popular Tropical Getaway on the Great Barrier Reef, Reportedly Sold by US Private Equity Firm.
An iconic tropical holiday destination located on the World Heritage-listed Great Barrier Reef has reportedly been sold to a American private equity firm in a deal said to be worth 1.2 billion Australian dollars.
“It is an honor to continue the legacy and commitment of the family owners has established in the heart of the World Heritage-listed Great Barrier Reef,” said a senior representative.
Details of the Sale
The New York-headquartered, the investment firm Blackstone – which also owns the casino-hotel chain Crown Resorts – confirmed it had entered into an deal to purchase the Hamilton Island resort from the Oatley family, subject to standard regulatory approvals.
The family released a statement saying they were pleased with 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”.
Hamilton Island's Scale and Features
Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton spans over 1,130 hectares across two islands.
Approximately 30% of the land is built upon, including a substantial range of facilities:
- Five separate hotels
- Over twenty restaurants and bars
- 20 retail outlets
- An 18-hole championship golf course on neighboring Dent Island
- A marina and a commercial airport
Hamilton Island is described as a major job provider in the Whitsunday region, supporting a sizable resident 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 late Robert Oatley, a well-known yachtsman and winemaker, originally purchased the resort for A$200 million in 2003 after spying the island from aboard a yacht during a voyage through the Whitsundays.
The island's major development phase first began in the 1980s. For decades prior that, it was characterized by simple iron huts and more humble quarters that hosted Australian vacationers from inland areas and from the south.
Broader Portfolio and Local Heritage
Blackstone has ownership of hotels and luxury resorts in several countries, such as Japan, India, the Maldives, Sri Lanka, and the United States.
The area is the ancestral territory of the Ngaro Indigenous people. Its name derives from Captain James Cook, who sailed the Endeavour through the archipelago on June 3, 1770, which was the Christian holiday of Whit Sunday.
