Hamilton Island, one of the Popular Queensland Getaway on the World Heritage Reef, Reportedly Set to be Sold by US Private Equity Firm.
An iconic resort island situated within the Great Barrier Reef has reportedly been sold to a US-based investment group in a deal reportedly valued at 1.2 billion Australian dollars.
“We are honored to continue the legacy and commitment of the family owners has established in the center of the World Heritage-listed Great Barrier Reef,” said a senior representative.
Details of the Sale
Headquartered in New York, Blackstone – which also owns the casino-hotel chain Crown Resorts – confirmed it had signed an deal to purchase the island resort from the Oatley family owners, subject to standard regulatory approvals.
The family released a statement noting they welcomed the new owners of an island that holds a “unique position in the affections of countless Australians” and is known as “Australia’s Tropical Island”.
The Island's Size and Amenities
Positioned almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton covers over 1,130 hectares across two islands.
Approximately thirty percent of the area is built upon, featuring a significant range of amenities:
- Five hotels
- Over twenty restaurants and bars
- 20 retail outlets
- An 18-hole championship golf course on adjacent Dent Island
- A marina and a commercial airport
Hamilton Island 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, vendors, and local businesses.
A Look Back at Ownership
The deceased Robert Oatley, a well-known sailor and vintner, originally purchased the resort for $200 million in the year 2003 after spotting the island from aboard a yacht during a voyage through the Whitsundays.
The island's development boom initially started in the 1980s. For decades prior that, it was characterized by simple iron huts and more humble quarters that hosted Australian vacationers from the outback and from the south.
The Buyer's Other Holdings and Regional Background
The acquiring firm also owns luxury hotels and resorts in several 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 Indigenous people. Its name derives from Captain James Cook, who navigated the Endeavour through the archipelago on June 3, 1770, which was the Christian holiday of Whit Sunday.
