The Hamilton Island Resort, a Iconic Queensland Getaway on the Great Barrier Reef, Reportedly Sold by US Private Equity Firm.
A major resort island situated within the Great Barrier Reef has entered into an agreement for sale to a American private equity firm in a deal said to be worth 1.2 billion Australian dollars.
“It is an honor to continue the vision and dedication of the family owners has built in the heart of the World Heritage-listed Great Barrier Reef,” stated a senior representative.
The Reported Sale
Headquartered in New York, the investment firm Blackstone – the owner of the casino-hotel chain Crown Resorts – announced it had signed an deal to purchase the island resort from the Oatley family, subject to customary regulatory approvals.
The family released a statement noting they were pleased with the new owners of an island that holds a “unique position in the affections of many Australians” and is known as “Australia’s Tropical Island”.
The Island's Size and Amenities
Located almost 900km north of Brisbane and about 500km south of Cairns, the island covers more than 1,130 hectares spanning two separate islands.
Approximately thirty percent of the land is developed, including a substantial range of amenities:
- Five separate hotels
- More than 20 restaurants and bars
- Twenty shops and retail spaces
- An 18-hole championship golf course on neighboring Dent Island
- A boat marina and a functioning airport
The resort is described as a major job provider in the Whitsunday region, sustaining a large on-island community and staff, as well as a wide network of local partners, suppliers, and area businesses.
A Look Back at Ownership
The late Robert Oatley, a well-known sailor and vintner, first bought the resort for $200 million in the year 2003 after spotting the island from aboard a yacht during a voyage through the Whitsunday passage.
Hamilton's development boom initially started in the 1980s. In the decades before that, it was home to simple iron huts and more humble quarters that housed domestic holidaymakers from inland areas and southern states.
The Buyer's Other Holdings and Local Heritage
The acquiring firm also owns hotels and luxury resorts in several nations, 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. Its name comes from Captain James Cook, who sailed the HMS Endeavour through the island group on June 3, 1770, which was the Christian holiday of Whit Sunday.
