The Hamilton Island Resort, a Iconic Tropical Getaway on the World Heritage Reef, Reportedly Sold by US Investment Giant.
A major tropical holiday destination located within the Great Barrier Reef has reportedly been sold to a US-based private equity firm in a deal reportedly valued at A$1.2 billion.
“We are honored to continue the vision and dedication that the family owners has built in the heart of the World Heritage-listed Great Barrier Reef,” said a company executive.
Details of the Acquisition Agreement
Headquartered in New York, Blackstone – the owner of the hospitality group Crown Resorts – announced it had entered into an agreement to acquire the island resort from the Oatley family owners, subject to customary approvals from regulators.
The family issued a comment noting they were pleased with the change in ownership of an island that holds a “special place in the affections of countless Australians” and is known as “Australia’s Tropical Island”.
The Island's Size and Amenities
Positioned almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton covers over 1,130 hectares across two islands.
Approximately thirty percent of the area is developed, including a substantial array of amenities:
- Five separate hotels
- Over twenty dining and drinking venues
- Twenty shops and retail spaces
- An championship 18-hole golf course on adjacent Dent Island
- A marina and a commercial airport
Hamilton Island is noted as a significant employer in the Whitsundays, sustaining a sizable resident community and workforce, as well as a broad network of regional partners, vendors, and area businesses.
A Look Back at The Island's History
The late Robert Oatley, a renowned yachtsman and vintner, originally purchased the resort for A$200 million in the year 2003 after spying the island from the deck a yacht during a voyage through the Whitsundays.
The island's major development phase initially started in the 1980s. In the decades before that, it was home to galvanised iron huts and more humble quarters that hosted Australian vacationers 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, such as Japan, India, the Maldives, Sri Lanka, and the United States.
The area is the traditional lands and seas 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 Whit Sunday.