The Hamilton Island Resort, one of the Popular Tropical Getaway on the World Heritage Reef, Reportedly Set to be Sold by US Investment Giant.
An iconic resort island situated on the World Heritage-listed 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 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.
Details of the Acquisition Agreement
The New York-headquartered, Blackstone – the owner of the hospitality group Crown Resorts – announced it had signed an agreement to acquire the Hamilton Island resort from the Oatley family, subject to standard approvals from regulators.
The sellers released a statement noting they welcomed the change in ownership of an island that holds a “unique position in the affections of countless Australians” and is known as “Australia’s Tropical Island”.
The Island's Size and Amenities
Located roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton covers over 1,130 hectares across two islands.
Approximately 30% of the area is developed, featuring a significant array 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
Hamilton Island is described as a significant employer in the Whitsundays, supporting a sizable resident community and workforce, as well as a wide network of local partners, suppliers, and area businesses.
A Look Back at Ownership
The deceased Robert Oatley, a renowned yachtsman and vintner, first bought the resort for $200 million in 2003 after spying the island from the deck a yacht during a voyage through the Whitsunday passage.
The island's major development phase initially started in the 1980s. In the decades before that, it was characterized by galvanised iron huts and more humble quarters that housed Australian vacationers from inland areas and southern states.
Broader Portfolio and Local Heritage
The acquiring firm has ownership of luxury hotels and resorts in several countries, such as Japan, India, the Maldives, Sri Lanka, and the United States.
The area is the traditional lands and seas of the Ngaro Indigenous people. Its name comes from Captain James Cook, who sailed the HMS Endeavour through the archipelago on June 3, 1770, which was Whit Sunday.
