The Hamilton Island Resort, one of the Iconic Tropical Holiday Destination on the World Heritage Reef, Reportedly Set to be Acquired by American Investment Giant.
An iconic tropical holiday destination located on the World Heritage-listed Great Barrier Reef has reportedly been sold to a American investment group in a deal said to be worth A$1.2 billion.
“We are honored to continue the legacy and commitment that the family owners has built in the heart of the World Heritage-listed Great Barrier Reef,” said a senior representative.
Details of the Sale
Headquartered in New York, the investment firm Blackstone – the owner of the casino-hotel chain Crown Resorts – announced it had entered into an deal to purchase the island resort from the Oatley family, subject to customary regulatory approvals.
The family issued a comment saying they were pleased with the change in ownership of an island that holds a “unique position in the hearts of many Australians” and is known as “Australia’s Tropical Island”.
The Island's Scale and Features
Positioned almost 900km north of Brisbane and about 500km south of Cairns, the island covers more than 1,130 hectares spanning two separate islands.
Roughly 30% of the land is developed, featuring a significant array of facilities:
- Five separate hotels
- Over twenty dining and drinking venues
- 20 retail outlets
- An championship 18-hole golf course on adjacent Dent Island
- A marina and a commercial airport
The resort is described 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, suppliers, and local businesses.
A Look Back at The Island's History
The deceased billionaire Robert Oatley, a renowned sailor and winemaker, first bought the resort for $200 million in 2003 after spying the island from aboard a yacht during a voyage through the Whitsundays.
Hamilton's development boom initially started in the 1980s. In the decades before that, it was characterized by simple iron huts and modest accommodations that hosted Australian vacationers from inland areas and from the south.
Broader Portfolio and Local Heritage
Blackstone has ownership of hotels and luxury resorts in several nations, including Japan, India, the Maldives, Sri Lanka, and the United States.
The area is the ancestral territory of the Ngaro Indigenous people. Its name derives from Captain James Cook, who navigated the HMS Endeavour through the island group on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.
