The Hamilton Island Resort, a Popular Tropical Getaway on the Great Barrier Reef, Reportedly Set to be Sold by American Private Equity Firm.
A major tropical holiday destination located on the Great Barrier Reef has reportedly been sold to a American private equity firm in a deal reportedly valued at A$1.2 billion.
“It is an honor to continue the legacy and commitment that the family owners has established in the center of the World Heritage-listed Great Barrier Reef,” stated a senior representative.
Details of the Acquisition Agreement
Headquartered in New York, Blackstone – the owner of the hospitality group Crown Resorts – announced it had signed an deal to purchase the island resort from the Oatley family, subject to customary approvals from regulators.
The sellers issued a comment noting they welcomed the change in ownership of an island that holds a “special place in the hearts of many Australians” and is referred to as “Australia’s Tropical Island”.
The Island's Size and Amenities
Positioned almost 900km north of Brisbane and about 500km south of Cairns, Hamilton covers more than 1,130 hectares across two islands.
Approximately thirty percent of the land is built upon, including a substantial range of amenities:
- Five separate hotels
- Over twenty restaurants and bars
- Twenty shops and retail spaces
- An championship 18-hole golf course on adjacent Dent Island
- A marina and a commercial airport
The resort is noted as a significant employer in the Whitsundays, supporting a sizable resident community and workforce, as well as a wide network of local partners, suppliers, and local businesses.
A Look Back at Ownership
The late Robert Oatley, a well-known yachtsman and winemaker, first bought the resort for A$200 million in the year 2003 after spotting the island from the deck 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 simple iron huts and more humble quarters that housed Australian vacationers from inland areas and southern states.
Broader Portfolio and Local Heritage
The acquiring firm also owns hotels and luxury resorts in several 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 people. Its name comes from Captain James Cook, who navigated the HMS Endeavour through the island group on Sunday 3 June 1770, which was Whit Sunday.
