The Hamilton Island Resort, a Iconic Tropical Getaway on the Great Barrier Reef, Reportedly Sold by American Investment Giant.
A major tropical holiday destination situated on the World Heritage-listed 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 build on the legacy and commitment of the family owners has established in the heart of the World Heritage-listed Great Barrier Reef,” said a company executive.
Details of the Sale
The New York-headquartered, Blackstone – which also owns the casino-hotel chain Crown Resorts – announced it had entered into an agreement to acquire the Hamilton Island resort from the Oatley family, pending standard regulatory approvals.
The sellers released a statement noting they were pleased with the new owners of an island that holds a “unique position in the hearts of countless Australians” and is referred to as “Australia’s Tropical Island”.
The Island's Scale and Features
Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, the island covers over 1,130 hectares across two islands.
Approximately 30% of the land is built upon, including a significant array of amenities:
- Five hotels
- More than 20 restaurants and bars
- 20 retail outlets
- An 18-hole championship golf course on neighboring Dent Island
- A marina and a commercial airport
The resort is described as a major job provider in the Whitsundays, supporting a sizable resident community and staff, as well as a broad network of regional partners, vendors, and area businesses.
A Look Back at Ownership
The late billionaire Robert Oatley, a well-known sailor and vintner, first bought the resort for $200 million in 2003 after spotting the island from aboard a yacht during a voyage through the Whitsunday passage.
The island's major development phase first began 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
Blackstone also owns luxury hotels and resorts in several countries, including Japan, India, the Maldives, Sri Lanka, and the United States.
The Whitsunday region is the traditional lands and seas of the Ngaro people. Its name derives from Captain James Cook, who navigated the HMS Endeavour through the archipelago on June 3, 1770, which was the Christian holiday of Whit Sunday.
