The Hamilton Island Resort, one of the Iconic Tropical Holiday Destination on the Great Barrier Reef, Reportedly Sold by US Private Equity Firm.
An iconic resort island situated on the World Heritage-listed 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.
“It is an honor to continue the vision and dedication that the family owners has built in the center of the iconic Great Barrier Reef,” stated a company executive.
Details of the Sale
Headquartered in New York, the investment firm Blackstone – which also owns the casino-hotel chain Crown Resorts – confirmed it had entered into an deal to purchase the island resort from the Oatley family owners, pending customary approvals from regulators.
The family released a statement saying they welcomed the change in ownership of an island that holds a “unique position in the hearts 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 about 500km south of Cairns, Hamilton covers more than 1,130 hectares spanning two separate islands.
Roughly 30% of the area is developed, including a substantial range of amenities:
- Five hotels
- More than 20 dining and drinking venues
- Twenty shops and retail spaces
- An championship 18-hole golf course on adjacent Dent Island
- A boat marina and a commercial airport
The resort is noted as a major job provider in the Whitsunday region, supporting a large on-island community and staff, as well as a wide network of regional partners, vendors, and local businesses.
A Look Back at The Island's History
The late billionaire Robert Oatley, a well-known sailor and vintner, first bought the resort for A$200 million in the year 2003 after spotting the island from the deck a yacht during a voyage through the Whitsunday passage.
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 housed domestic holidaymakers from inland areas and from the south.
The Buyer's Other Holdings and Regional Background
The acquiring firm also owns hotels and luxury resorts in multiple countries, including Japan, India, the Maldives, Sri Lanka, and the United States.
The area 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 Whit Sunday.
