The Hamilton Island Resort, one of the Popular Queensland Getaway on the Great Barrier Reef, Reportedly Sold by American Private Equity Firm.
A major tropical holiday destination situated on the Great Barrier Reef has reportedly been sold to a American private equity firm in a deal said to be worth A$1.2 billion.
“We are honored to continue the vision and dedication that the Oatley family has built in the center of the World Heritage-listed Great Barrier Reef,” stated a senior representative.
Details of the Sale
The New York-headquartered, the investment firm Blackstone – the owner of the casino-hotel chain Crown Resorts – announced it had entered into an deal to purchase the Hamilton Island resort from the Oatley family, pending customary approvals from regulators.
The family released a statement noting they welcomed the change in ownership of an island that holds a “special place in the affections of countless Australians” and is referred to as “Australia’s Tropical Island”.
Hamilton Island's Scale and Features
Positioned almost 900km north of Brisbane and about 500km south of Cairns, the island covers over 1,130 hectares spanning two separate islands.
Roughly thirty percent of the land is built upon, including a significant range of facilities:
- 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
The resort is noted as a major job provider in the Whitsunday region, sustaining a large on-island community and workforce, as well as a broad network of local partners, suppliers, and local businesses.
A Look Back at Ownership
The deceased Robert Oatley, a renowned sailor and vintner, first bought the resort for A$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. In the decades before that, it was characterized by simple iron huts and modest accommodations that hosted domestic holidaymakers from inland areas and from the south.
The Buyer's Other Holdings and Regional Background
Blackstone has ownership of hotels and luxury resorts in multiple 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. The name derives from Captain James Cook, who navigated the Endeavour through the island group on June 3, 1770, which was Whit Sunday.
