The Hamilton Island Resort, one of the Popular Tropical Getaway on the World Heritage Reef, Reportedly Acquired by US Investment Giant.
A major tropical holiday destination located on the Great Barrier Reef has entered into an agreement for sale to a American investment group for a sum said to be worth A$1.2 billion.
“We are honored to continue the legacy and commitment that the family owners has established in the center of the iconic Great Barrier Reef,” said a senior representative.
Details of the Sale
Headquartered in New York, the investment firm Blackstone – which also owns the hospitality group Crown Resorts – confirmed it had signed an deal to purchase the Hamilton Island resort from the Oatley family, subject to standard regulatory approvals.
The family issued a comment noting they were pleased with the change in ownership 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
Located roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, the island covers more than 1,130 hectares spanning two separate islands.
Roughly thirty percent of the area is built upon, including a significant range of facilities:
- Five hotels
- Over twenty dining and drinking venues
- 20 retail outlets
- An championship 18-hole golf course on adjacent Dent Island
- A boat marina and a functioning airport
Hamilton Island is noted as a significant employer 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 late Robert Oatley, a renowned yachtsman and winemaker, first bought the resort for $200 million in the year 2003 after spying the island from the deck a yacht during a voyage through the Whitsundays.
Hamilton's major development phase first began in the 1980s. In the decades before that, it was characterized by simple iron huts and more humble quarters that housed domestic holidaymakers from inland areas and southern states.
The Buyer's Other Holdings and Local Heritage
Blackstone also owns luxury hotels and resorts in several nations, such as Japan, India, the Maldives, Sri Lanka, and the United States.
The area is the traditional lands and seas of the Ngaro people. The name comes from Captain James Cook, who sailed the HMS Endeavour through the island group on Sunday 3 June 1770, which was Whit Sunday.
