The Hamilton Island Resort, a Popular Queensland Holiday Destination on the World Heritage Reef, Reportedly Sold by US Private Equity Firm.
A major resort island situated on the World Heritage-listed Great Barrier Reef has reportedly been sold to a American investment group for a sum said to be worth 1.2 billion Australian dollars.
“We are honored to build on the legacy and commitment of the family owners has established in the center of the iconic 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 signed an deal to purchase the island resort from the Oatley family owners, pending standard approvals from regulators.
The sellers issued a comment saying they welcomed the change in ownership 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 Size and Amenities
Located almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, the island covers more than 1,130 hectares spanning two separate islands.
Approximately 30% of the land is built upon, 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 boat marina and a functioning airport
The resort is described as a major job provider in the Whitsunday region, sustaining a sizable resident community and workforce, as well as a broad network of local partners, suppliers, and area businesses.
A Look Back at The Island's History
The late Robert Oatley, a renowned sailor and vintner, originally purchased the resort for $200 million in the year 2003 after spying the island from aboard a yacht during a voyage through the Whitsunday passage.
Hamilton's development boom initially started in the 1980s. For decades prior that, it was home to simple 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 Whitsunday region is the ancestral territory 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 the Christian holiday of Whit Sunday.
