A major tropical holiday destination situated on the Great Barrier Reef has reportedly been sold to a US-based investment group in a deal said to be worth A$1.2 billion.
“We are honored to continue 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 Acquisition Agreement
The New York-headquartered, the investment firm Blackstone – which also owns the hospitality group Crown Resorts – announced it had entered into an agreement to acquire the island resort from the Oatley family, pending standard approvals from regulators.
The sellers released a statement noting they were pleased with the change in ownership of an island that holds a “unique position in the affections of many Australians” and is referred to as “Australia’s Tropical Island”.
The Island's Scale and Features
Positioned almost 900km north of Brisbane and about 500km south of Cairns, Hamilton covers over 1,130 hectares spanning two separate islands.
Approximately 30% of the land is built upon, including a substantial range of amenities:
- Five separate hotels
- More than 20 restaurants and bars
- 20 retail outlets
- An 18-hole championship golf course on neighboring Dent Island
- A boat marina and a functioning airport
Hamilton Island is described as a major job provider in the Whitsundays, supporting a large on-island community and staff, as well as a broad network of local partners, suppliers, and area businesses.
Historical Context at The Island's History
The late billionaire Robert Oatley, a renowned yachtsman and winemaker, first bought the resort for $200 million in 2003 after spotting the island from the deck a yacht during a voyage through the Whitsunday passage.
The island's development boom first began in the 1980s. In the decades before that, it was characterized by simple iron huts and modest accommodations that housed Australian vacationers from inland areas and from the south.
The Buyer's Other Holdings and Regional Background
The acquiring firm has ownership of luxury hotels and resorts in several nations, such as Japan, India, the Maldives, Sri Lanka, and the United States.
The Whitsunday region is the ancestral territory of the Ngaro people. The name comes from Captain James Cook, who sailed the Endeavour through the island group on Sunday 3 June 1770, which was Whit Sunday.
