Hamilton Island, one of the Popular Queensland Getaway on the Great Barrier Reef, Reportedly Set to be Sold by American Private Equity Firm.
An iconic tropical holiday destination situated on the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a US-based private equity firm in a deal reportedly valued at A$1.2 billion.
“We are honored to build on the legacy and commitment of the family owners has established in the heart of the World Heritage-listed Great Barrier Reef,” said a company executive.
The Reported Sale
Headquartered in New York, the investment firm Blackstone – the owner of the casino-hotel chain Crown Resorts – announced it had signed an deal to purchase the Hamilton Island resort from the Oatley family owners, subject to customary approvals from regulators.
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 referred to as “Australia’s Tropical Island”.
Hamilton Island's Size and Amenities
Located almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton spans over 1,130 hectares across two islands.
Roughly thirty percent of the area is developed, including a significant array of amenities:
- Five separate hotels
- More than 20 dining and drinking venues
- 20 retail outlets
- An championship 18-hole golf course on adjacent Dent Island
- A boat marina and a functioning airport
The resort is described as a major job provider in the Whitsunday region, sustaining a sizable resident community and staff, as well as a broad network of regional partners, suppliers, and area businesses.
A Look Back at Ownership
The deceased Robert Oatley, a renowned sailor and vintner, originally purchased the resort for A$200 million in 2003 after spotting the island from aboard a yacht during a voyage through the Whitsundays.
Hamilton's major development phase initially started in the 1980s. For decades prior that, it was home to galvanised iron huts and modest accommodations that housed domestic holidaymakers from inland areas and southern states.
The Buyer's Other Holdings and Regional Background
The acquiring firm also owns luxury hotels and resorts in several countries, including Japan, India, the Maldives, Sri Lanka, and the United States.
The area is the traditional lands and seas of the Ngaro Indigenous people. The name derives from Captain James Cook, who navigated the HMS Endeavour through the archipelago on June 3, 1770, which was Whit Sunday.