An iconic tropical holiday destination located on the Great Barrier Reef has reportedly been sold to a American private equity firm in a deal reportedly valued at 1.2 billion Australian dollars.
“We are honored to continue the vision and dedication of the family owners has established in the heart of the iconic Great Barrier Reef,” stated a company executive.
Details of the Sale
Headquartered in New York, Blackstone – the owner of the hospitality group Crown Resorts – announced it had entered into an agreement to acquire the Hamilton Island resort from the Oatley family, subject to customary approvals from regulators.
The sellers released a statement noting they were pleased with the change in ownership of an island that holds a “special place in the hearts of countless Australians” and is known as “Australia’s Tropical Island”.
Hamilton Island's Scale and Features
Located almost 900km north of Brisbane and about 500km south of Cairns, Hamilton covers more than 1,130 hectares across two islands.
Roughly thirty percent of the land is developed, featuring a significant range of facilities:
- Five separate hotels
- Over twenty dining and drinking venues
- 20 retail outlets
- An championship 18-hole golf course on neighboring Dent Island
- A marina and a functioning airport
The resort is noted as a major job provider in the Whitsundays, sustaining a sizable resident community and staff, as well as a broad network of local partners, suppliers, and area businesses.
A Look Back at Ownership
The late Robert Oatley, a well-known yachtsman and vintner, first bought the resort for $200 million in the year 2003 after spotting the island from the deck a yacht while sailing through the Whitsundays.
Hamilton's development boom first began in the 1980s. In the decades before that, it was home to galvanised iron huts and more humble quarters that housed Australian vacationers from the outback and from the south.
The Buyer's Other Holdings and Regional Background
The acquiring firm also owns hotels and luxury resorts in multiple 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 derives from Captain James Cook, who sailed the Endeavour through the island group on Sunday 3 June 1770, which was Whit Sunday.
