The Hamilton Island Resort, one of the Popular Tropical Getaway on the Great Barrier Reef, Reportedly Sold by American Investment Giant.
A major resort island situated within the Great Barrier Reef has entered into an agreement for sale to a US-based private equity firm in a deal said to be worth A$1.2 billion.
“It is an honor to continue the legacy and commitment that the family owners has established in the heart of the iconic Great Barrier Reef,” stated a senior representative.
Details of the Sale
The New York-headquartered, the investment firm Blackstone – which also owns the casino-hotel chain Crown Resorts – announced it had signed an agreement to acquire the Hamilton Island resort from the Oatley family, subject to standard approvals from regulators.
The family released a statement saying they were pleased with the new owners of an island that holds a “special place in the affections of countless Australians” and is referred to as “Australia’s Tropical Island”.
The Island's Scale and Features
Positioned almost 900km north of Brisbane and about 500km south of Cairns, the island spans over 1,130 hectares across two islands.
Approximately thirty percent of the land is developed, including a significant array of facilities:
- Five separate hotels
- More than 20 dining and drinking venues
- Twenty shops and retail spaces
- An championship 18-hole golf course on neighboring Dent Island
- A boat marina and a commercial airport
Hamilton Island is described as a significant employer in the Whitsundays, sustaining a sizable resident community and workforce, as well as a broad network of local partners, suppliers, and local businesses.
A Look Back at The Island's History
The deceased billionaire Robert Oatley, a renowned sailor and vintner, first bought the resort for $200 million in the year 2003 after spying the island from aboard a yacht while sailing through the Whitsundays.
Hamilton's major development phase first began in the 1980s. In the decades before that, it was home to simple iron huts and modest accommodations that hosted Australian vacationers from the outback and from the south.
The Buyer's Other Holdings and Regional Background
The acquiring firm also owns luxury hotels and resorts in several countries, including Japan, India, the Maldives, Sri Lanka, and the United States.
The area is the traditional lands and seas of the Ngaro Indigenous people. Its name derives from Captain James Cook, who sailed the Endeavour through the archipelago on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.
