Hamilton Island, a Popular Tropical Holiday Destination on the Great Barrier Reef, Reportedly Set to be Sold by American Investment Giant.
A major tropical holiday destination located on the World Heritage-listed Great Barrier Reef has reportedly been sold to a American investment group in a deal reportedly valued at A$1.2 billion.
“It is an honor to build on the legacy and commitment that the family owners has built in the heart of the World Heritage-listed Great Barrier Reef,” said a company executive.
Details of the Sale
Headquartered in New York, 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, pending customary 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 countless Australians” and is known as “Australia’s Tropical Island”.
Hamilton Island's Scale and Features
Positioned almost 900km north of Brisbane and about 500km south of Cairns, the island covers over 1,130 hectares spanning two separate islands.
Roughly thirty percent of the area is built upon, featuring a substantial array of facilities:
- Five separate hotels
- More than 20 dining and drinking venues
- Twenty shops and retail spaces
- An championship 18-hole golf course on neighboring Dent Island
- A marina and a commercial airport
Hamilton Island 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 Ownership
The late Robert Oatley, a renowned yachtsman and vintner, originally purchased the resort for $200 million in 2003 after spotting the island from aboard a yacht during a voyage through the Whitsundays.
The island's development boom initially started in the 1980s. For decades prior that, it was home to galvanised iron huts and modest accommodations that hosted domestic holidaymakers from the outback and from the south.
The Buyer's Other Holdings and Regional Background
The acquiring firm also owns luxury hotels and resorts in multiple nations, including 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 navigated the Endeavour through the archipelago on June 3, 1770, which was the Christian holiday of Whit Sunday.
