An iconic tropical holiday destination situated on the World Heritage-listed Great Barrier Reef has reportedly been sold to a American investment group in a deal said to be worth 1.2 billion Australian dollars.
“It is an honor to build on the vision and dedication that the Oatley family has built in the center of the World Heritage-listed Great Barrier Reef,” said a company executive.
The Reported Acquisition Agreement
Headquartered in New York, Blackstone – the owner of the casino-hotel chain Crown Resorts – confirmed it had signed an deal to purchase the Hamilton Island resort from the Oatley family owners, subject to customary approvals from regulators.
The sellers issued a comment saying they were pleased with the change in ownership of an island that holds a “special place in the affections of many Australians” and is known as “Australia’s Tropical Island”.
Hamilton Island's Scale and Features
Positioned almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, the island covers over 1,130 hectares across two islands.
Approximately thirty percent of the land is developed, including a substantial range of facilities:
- Five hotels
- Over twenty dining and drinking venues
- 20 retail outlets
- An 18-hole championship golf course on adjacent Dent Island
- A marina and a functioning airport
Hamilton Island is noted as a major job provider in the Whitsundays, supporting a large on-island community and workforce, as well as a broad network of local partners, suppliers, and local businesses.
Historical Context at Ownership
The deceased billionaire Robert Oatley, a well-known sailor and winemaker, first bought the resort for $200 million in the year 2003 after spotting the island from the deck a yacht during a voyage through the Whitsundays.
The island's major development phase first began in the 1980s. In the decades before that, it was characterized by galvanised iron huts and more humble quarters that hosted domestic holidaymakers from the outback and southern states.
The Buyer's Other Holdings and Local Heritage
The acquiring firm also owns hotels and luxury resorts in several countries, including Japan, India, the Maldives, Sri Lanka, and the United States.
The Whitsunday region is the ancestral territory of the Ngaro people. Its name derives from Captain James Cook, who sailed the HMS Endeavour through the archipelago on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.
