Hamilton Island, one of the Popular Tropical Getaway on the World Heritage Reef, Reportedly Sold by American Investment Giant.
A major resort island located within the Great Barrier Reef has reportedly been sold to a US-based private equity firm for a sum said to be worth A$1.2 billion.
“It is an honor to build on the legacy and commitment that the Oatley family has built in the center of the iconic Great Barrier Reef,” said a company executive.
The Reported Acquisition Agreement
Headquartered in New York, the investment firm Blackstone – the owner of the casino-hotel chain Crown Resorts – confirmed it had signed an agreement to acquire the Hamilton Island resort from the Oatley family, subject to standard regulatory approvals.
The family released a statement saying they welcomed 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 Scale and Features
Positioned almost 900km north of Brisbane and about 500km south of Cairns, Hamilton spans over 1,130 hectares spanning two separate islands.
Roughly 30% of the area is developed, including a significant range of facilities:
- Five hotels
- Over twenty 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
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 wide network of local partners, vendors, and area businesses.
Historical Context at The Island's History
The deceased billionaire Robert Oatley, a renowned yachtsman and winemaker, originally purchased the resort for $200 million in 2003 after spotting the island from aboard a yacht while sailing through the Whitsundays.
The island's major development phase initially started in the 1980s. In the decades before that, it was home to simple iron huts and more humble quarters that housed Australian vacationers from the outback and southern states.
The Buyer's Other Holdings and Local Heritage
The acquiring firm has ownership of hotels and luxury resorts in several nations, such as Japan, India, the Maldives, Sri Lanka, and the United States.
The area is the ancestral territory of the Ngaro Indigenous people. The name comes from Captain James Cook, who navigated the HMS Endeavour through the archipelago on Sunday 3 June 1770, which was Whit Sunday.
