An iconic resort island situated within the Great Barrier Reef has reportedly been sold to a US-based investment group in a deal said to be worth 1.2 billion Australian dollars.
“It is an honor to build on the legacy and commitment that the Oatley family has established in the heart of the iconic Great Barrier Reef,” said a senior representative.
The New York-headquartered, the investment firm Blackstone – the owner of the casino-hotel chain Crown Resorts – confirmed it had entered into an deal to purchase the island resort from the Oatley family owners, pending customary regulatory approvals.
The sellers released a statement saying 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”.
Positioned roughly 900 kilometers north of Brisbane and about 500km south of Cairns, the island spans over 1,130 hectares across two islands.
Roughly thirty percent of the land is developed, including a substantial range of amenities:
Hamilton Island 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, suppliers, and area businesses.
The deceased billionaire Robert Oatley, a renowned sailor and vintner, originally purchased the resort for $200 million in the year 2003 after spying the island from the deck a yacht while sailing through the Whitsunday passage.
Hamilton's development boom initially started in the 1980s. For decades prior that, it was home to simple iron huts and more humble quarters that housed domestic holidaymakers from inland areas and from the south.
Blackstone also owns hotels and luxury resorts in several countries, such as Japan, India, the Maldives, Sri Lanka, and the United States.
The Whitsunday region is the ancestral territory of the Ngaro Indigenous people. Its name derives from Captain James Cook, who navigated the HMS Endeavour through the archipelago on June 3, 1770, which was Whit Sunday.
