The Hamilton Island Resort, a Popular Tropical Getaway on the World Heritage Reef, Reportedly Set to be Acquired by US Private Equity Firm.
A major resort island located on the Great Barrier Reef has entered into an agreement for sale 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 family owners has established in the center of the iconic Great Barrier Reef,” stated a company executive.
Details of the Sale
The New York-headquartered, the investment firm Blackstone – which also owns the hospitality group Crown Resorts – announced it had signed an agreement to acquire the island resort from the Oatley family owners, subject to customary approvals from regulators.
The sellers issued a comment saying they were pleased with the new owners of an island that holds a “special place in the affections of many Australians” and is known as “Australia’s Tropical Island”.
Hamilton Island's Size and Amenities
Located roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, the island covers over 1,130 hectares spanning two separate islands.
Approximately 30% of the land is developed, including a substantial array of amenities:
- Five separate hotels
- Over twenty dining and drinking venues
- 20 retail outlets
- An 18-hole championship golf course on adjacent Dent Island
- A marina and a functioning airport
The resort 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 regional partners, vendors, and local businesses.
A Look Back at Ownership
The deceased billionaire Robert Oatley, a well-known sailor and vintner, originally purchased the resort for A$200 million in 2003 after spying the island from aboard a yacht while sailing through the Whitsunday passage.
The island's major development phase first began in the 1980s. In the decades before that, it was home to simple iron huts and more humble quarters that hosted domestic holidaymakers from inland areas and southern states.
The Buyer's Other Holdings and Local Heritage
Blackstone has ownership of luxury hotels and resorts in multiple countries, such as Japan, India, the Maldives, Sri Lanka, and the United States.
The area is the ancestral territory of the Ngaro Indigenous people. The name derives from Captain James Cook, who navigated the Endeavour through the island group on June 3, 1770, which was the Christian holiday of Whit Sunday.