Hamilton Island, a Popular Tropical Holiday Destination on the Great Barrier Reef, Reportedly Set to be Sold by American Investment Giant.
An iconic resort island situated within the World Heritage-listed Great Barrier Reef has reportedly been sold to a US-based investment group in a deal reportedly valued at A$1.2 billion.
“We are honored to continue the vision and dedication of the family owners has built in the heart of the iconic Great Barrier Reef,” said a senior representative.
The Reported Acquisition Agreement
The New York-headquartered, the investment firm Blackstone – the owner of the hospitality group Crown Resorts – announced it had signed an deal to purchase the island resort from the Oatley family, pending standard regulatory approvals.
The family 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 known as “Australia’s Tropical Island”.
The Island's Size and Amenities
Located almost 900km north of Brisbane and about 500km south of Cairns, Hamilton spans more than 1,130 hectares spanning two separate islands.
Approximately thirty percent of the area is developed, including a significant array of facilities:
- Five hotels
- More than 20 dining and drinking venues
- 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, sustaining a sizable resident community and workforce, as well as a wide network of local partners, vendors, and local businesses.
Historical Context at Ownership
The late billionaire Robert Oatley, a well-known yachtsman and winemaker, first bought the resort for A$200 million in 2003 after spying the island from aboard a yacht while sailing 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 more humble quarters that hosted domestic holidaymakers from inland areas and southern states.
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 Indigenous people. Its name derives from Captain James Cook, who sailed the Endeavour through the island group on June 3, 1770, which was Whit Sunday.
