Hamilton Island, a Iconic Queensland Holiday Destination on the Great Barrier Reef, Reportedly Set to be Acquired by American Investment Giant.
A major resort island located on the Great Barrier Reef has reportedly been sold to a US-based private equity firm for a sum reportedly valued at 1.2 billion Australian dollars.
“It is an honor to build on the vision and dedication of the family owners has built in the center of the World Heritage-listed Great Barrier Reef,” said 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 agreement to acquire the island resort from the Oatley family, pending customary regulatory approvals.
The family released a statement saying 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
Positioned almost 900km north of Brisbane and about 500km south of Cairns, the island covers over 1,130 hectares spanning two separate islands.
Approximately thirty percent of the land is built upon, featuring a significant array of amenities:
- Five separate 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 functioning airport
The resort is described as a major job provider in the Whitsundays, sustaining a large on-island community and staff, as well as a broad network of regional partners, vendors, and area businesses.
A Look Back at Ownership
The deceased billionaire Robert Oatley, a renowned yachtsman and winemaker, first bought the resort for A$200 million in 2003 after spying the island from aboard a yacht during a voyage through the Whitsundays.
Hamilton's major development phase first began in the 1980s. For decades prior that, it was home to galvanised iron huts and more humble quarters that housed Australian vacationers from inland areas and southern states.
The Buyer's Other Holdings and Regional Background
The acquiring firm also owns luxury hotels and 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 Indigenous people. The name derives from Captain James Cook, who sailed the HMS Endeavour through the island group on June 3, 1770, which was Whit Sunday.
