The Hamilton Island Resort, a Popular Tropical Holiday Destination on the World Heritage Reef, Reportedly Sold by US Investment Giant.
A major resort island located within the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a American investment group in a deal said to be worth A$1.2 billion.
“We are honored to continue the vision and dedication that the family owners has built in the heart of the iconic Great Barrier Reef,” said a senior representative.
Details of the Sale
The New York-headquartered, Blackstone – which also owns the casino-hotel chain Crown Resorts – announced it had signed an deal to purchase the Hamilton Island resort from the Oatley family, subject to customary approvals from regulators.
The sellers 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 known as “Australia’s Tropical Island”.
The Island's Size and Amenities
Positioned almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton spans more than 1,130 hectares across two islands.
Roughly 30% of the area is developed, including a substantial array of amenities:
- Five hotels
- More than 20 restaurants and bars
- 20 retail outlets
- An 18-hole championship golf course on adjacent Dent Island
- A boat marina and a commercial airport
Hamilton Island is described as a significant employer 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 The Island's History
The deceased Robert Oatley, a well-known yachtsman and winemaker, originally purchased the resort for A$200 million in the year 2003 after spotting the island from the deck a yacht while sailing through the Whitsundays.
The island's development boom first began in the 1980s. In the decades before that, it was home to galvanised iron huts and more humble quarters that hosted Australian vacationers from the outback and southern states.
The Buyer's Other Holdings and Local Heritage
The acquiring firm also owns luxury hotels and resorts in multiple countries, such as 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 comes from Captain James Cook, who sailed the HMS Endeavour through the archipelago on June 3, 1770, which was Whit Sunday.
