Hamilton Island, one of the Popular Queensland Holiday Destination on the World Heritage Reef, Reportedly Set to be Sold by US Investment Giant.
A major tropical holiday destination situated within the World Heritage-listed Great Barrier Reef has reportedly been sold to a US-based investment group for a sum said to be worth A$1.2 billion.
“We are honored to build on the vision and dedication that the family owners has built in the heart of the iconic Great Barrier Reef,” said a company executive.
Details of the Acquisition Agreement
Headquartered in New York, Blackstone – the owner of the hospitality group Crown Resorts – confirmed it had entered into an agreement to acquire the island resort from the Oatley family owners, pending customary regulatory approvals.
The family issued a comment noting they were pleased with the new owners of an island that holds a “special place in the hearts of countless Australians” and is referred to as “Australia’s Tropical Island”.
The Island's Size and Amenities
Located almost 900km north of Brisbane and about 500km south of Cairns, Hamilton covers over 1,130 hectares spanning two separate islands.
Roughly 30% of the land is built upon, including a substantial array of facilities:
- Five hotels
- Over twenty dining and drinking venues
- Twenty shops and retail spaces
- An 18-hole championship golf course on neighboring Dent Island
- A boat marina and a commercial airport
The resort is noted as a significant employer in the Whitsunday region, sustaining a large on-island community and staff, as well as a broad network of local partners, vendors, and area businesses.
A Look Back at The Island's History
The deceased Robert Oatley, a renowned yachtsman and winemaker, originally purchased the resort for $200 million in the year 2003 after spying the island from the deck a yacht while sailing through the Whitsundays.
Hamilton's major development phase first began in the 1980s. For decades prior that, it was characterized by 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 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 comes from Captain James Cook, who sailed the Endeavour through the archipelago on Sunday 3 June 1770, which was Whit Sunday.
