Hamilton Island, a Popular Queensland Holiday Destination on the Great Barrier Reef, Reportedly Acquired by US Private Equity Firm.
A major resort island located within the Great Barrier Reef has entered into an agreement for sale to a American private equity firm in a deal said to be worth 1.2 billion Australian dollars.
“We are honored to continue the vision and dedication that the family owners has built in the center of the World Heritage-listed Great Barrier Reef,” said a senior representative.
The Reported Sale
Headquartered in New York, Blackstone – which also owns the casino-hotel chain Crown Resorts – announced it had entered into an agreement to acquire the Hamilton Island resort from the Oatley family owners, subject to customary approvals from regulators.
The family issued a comment noting 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”.
The Island's Size and Amenities
Located almost 900km north of Brisbane and about 500km south of Cairns, Hamilton covers over 1,130 hectares spanning two separate islands.
Approximately 30% of the area is developed, featuring a substantial array of facilities:
- Five hotels
- Over twenty dining and drinking venues
- Twenty shops and retail spaces
- An 18-hole championship golf course on neighboring Dent Island
- A boat marina and a functioning airport
Hamilton Island is noted as a major job provider in the Whitsunday region, sustaining a sizable resident community and workforce, as well as a wide network of local partners, suppliers, and area 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 the year 2003 after spying the island from the deck a yacht during a voyage through the Whitsunday passage.
The island's development boom first began in the 1980s. For decades prior that, it was characterized by simple iron huts and modest accommodations that hosted Australian vacationers from the outback and from the south.
The Buyer's Other Holdings and Regional Background
Blackstone also owns hotels and luxury resorts in several countries, 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. Its name derives from Captain James Cook, who sailed the HMS Endeavour through the archipelago on June 3, 1770, which was the Christian holiday of Whit Sunday.
