Hamilton Island, a Popular Tropical Holiday Destination on the Great Barrier Reef, Reportedly Acquired by American Investment Giant.
An iconic resort island situated 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 1.2 billion Australian dollars.
“We are honored to build on the vision and dedication of the Oatley family has built in the center of the World Heritage-listed Great Barrier Reef,” said a company executive.
The Reported Acquisition Agreement
Headquartered in New York, Blackstone – the owner of the hospitality group Crown Resorts – confirmed it had entered into an deal to purchase the Hamilton Island resort from the Oatley family, pending standard approvals from regulators.
The sellers issued a comment noting they were pleased with the change in ownership of an island that holds a “special place in the hearts of many Australians” and is known as “Australia’s Tropical Island”.
Hamilton Island's Scale and Features
Located almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton covers more than 1,130 hectares spanning two separate islands.
Roughly 30% of the area is built upon, including a substantial array of facilities:
- Five hotels
- Over twenty dining and drinking venues
- Twenty shops and retail spaces
- An 18-hole championship golf course on neighboring Dent Island
- A marina and a commercial airport
The resort is noted as a major job provider in the Whitsunday region, supporting a large on-island community and staff, as well as a wide network of regional partners, vendors, and area businesses.
A Look Back at The Island's History
The deceased billionaire Robert Oatley, a well-known yachtsman and winemaker, originally purchased the resort for A$200 million in 2003 after spotting the island from aboard a yacht during a voyage through the Whitsunday passage.
The island's development boom initially started in the 1980s. For decades prior that, it was characterized by galvanised iron huts and more humble quarters that hosted Australian vacationers from inland areas and southern states.
The Buyer's Other Holdings and Local Heritage
Blackstone also owns hotels and luxury resorts in several nations, including 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 Endeavour through the archipelago on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.