One of Australia's premier tropical holiday destinations, Hamilton Island on the Great Barrier Reef, is set for new ownership following a landmark billion-dollar sale to a major US investment firm.
A Billion-Dollar Change of Hands
New York-headquartered private equity giant Blackstone has entered into an agreement to acquire the Hamilton Island resort from the Oatley family. The deal, which is subject to standard regulatory approvals, is reportedly valued at a staggering $1.2 billion.
The Oatley family, who have owned the island for two decades, released a statement welcoming the new custodians of a location they described as holding a "special place in the hearts of many Australians." The late Robert Oatley, a billionaire winemaker and sailor, famously purchased the resort for $200 million in 2003 after spotting it from his yacht while sailing the Whitsundays.
The Scale of the Island Asset
Blackstone's acquisition encompasses a vast and developed resort. The property spans more than 1,130 hectares across two islands, with approximately 30% of the land developed.
The extensive facilities include:
- Five distinct hotels
- Over 20 restaurants and bars
- 20 retail outlets
- An 18-hole championship golf course on neighbouring Dent Island
- A marina and a commercial airport
Located nearly 900km north of Brisbane, Hamilton Island is a significant employer in the Whitsundays region, supporting a large on-island community and a broad network of local suppliers and businesses.
Commitment to a World Heritage Locale
Chris Heady, Blackstone's regional head of real estate, stated the firm was "honoured to build on the vision and dedication of the Oatley family" in the heart of the World Heritage-listed Great Barrier Reef. He emphasised a commitment to investing in the long-term success of the island, its workforce, and the local community.
Blackstone, which also owns the Crown Resorts casino-hotel chain, has a portfolio of luxury hotels and resorts in destinations including Japan, India, the Maldives, and the United States.
The Whitsundays archipelago, comprising 74 islands, holds deep cultural and historical significance. The area is the traditional land and sea country of the Ngaro people and was named by Captain James Cook, who sailed through the passage on Whit Sunday in 1770.
Hamilton Island's development as a major tourist hub began in the 1980s, transforming from a destination of simple iron huts for domestic travellers into the internationally renowned "Australia's Tropical Island" resort it is today.
