Hamilton Island, a Popular Tropical Getaway on the Great Barrier Reef, Reportedly Sold by US Investment Giant.
A major tropical holiday destination located on the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a American investment group for a sum said to be worth 1.2 billion Australian dollars.
“We are honored to build on the legacy and commitment that the family owners has built in the heart of the iconic Great Barrier Reef,” said a company executive.
The Reported Acquisition Agreement
The New York-headquartered, the investment firm Blackstone – the owner of the hospitality group Crown Resorts – confirmed it had entered into an agreement to acquire the island resort from the Oatley family owners, pending customary regulatory approvals.
The family released a statement noting they welcomed the change in ownership of an island that holds a “special place in the hearts of countless Australians” and is referred to as “Australia’s Tropical Island”.
Hamilton Island's Size and Amenities
Located roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, the island covers over 1,130 hectares spanning two separate islands.
Approximately thirty percent of the area is developed, including a significant range of facilities:
- Five separate hotels
- More than 20 restaurants and bars
- Twenty shops and retail spaces
- An championship 18-hole golf course on adjacent Dent Island
- A boat marina and a commercial airport
The resort is noted as a major job provider in the Whitsundays, sustaining a large on-island community and staff, as well as a wide network of regional partners, vendors, and local businesses.
A Look Back at Ownership
The late Robert Oatley, a well-known sailor and winemaker, first bought the resort for $200 million in 2003 after spotting the island from aboard a yacht during a voyage through the Whitsunday passage.
The island's major development phase first began in the 1980s. For decades prior that, it was home to galvanised iron huts and modest accommodations that housed Australian vacationers from the outback and from the south.
The Buyer's Other Holdings and Regional Background
Blackstone also owns hotels and luxury resorts in several countries, including Japan, India, the Maldives, Sri Lanka, and the United States.
The area is the ancestral territory of the Ngaro people. The name comes from Captain James Cook, who navigated the Endeavour through the archipelago on June 3, 1770, which was the Christian holiday of Whit Sunday.
