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Hamilton Island, a Popular Queensland Holiday Destination on the World Heritage Reef, Reportedly Set to be Acquired by US Private Equity Firm.
A major tropical holiday destination located on the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a US-based private equity firm for a sum said to be worth A$1.2 billion.
“We are honored to continue the vision and dedication that the family owners has established in the heart of the iconic Great Barrier Reef,” said a senior representative.
The Reported Sale
Headquartered in New York, 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, pending standard regulatory approvals.
The sellers released a statement saying they welcomed the new owners of an island that holds a “unique position in the affections of countless Australians” and is known as “Australia’s Tropical Island”.
The Island's Scale and Features
Located roughly 900 kilometers north of Brisbane and about 500km south of Cairns, the island spans over 1,130 hectares spanning two separate islands.
Approximately 30% of the area is developed, including a significant array of amenities:
- Five separate hotels
- Over twenty dining and drinking venues
- Twenty shops and retail spaces
- An championship 18-hole golf course on adjacent Dent Island
- A boat marina and a functioning airport
Hamilton Island is noted as a major job provider in the Whitsunday region, supporting a sizable resident community and staff, as well as a wide network of regional partners, vendors, and local businesses.
A Look Back at The Island's History
The late Robert Oatley, a well-known sailor and winemaker, first bought the resort for A$200 million in 2003 after spotting the island from aboard a yacht during a voyage through the Whitsundays.
The island's major development phase initially started in the 1980s. In the decades before that, it was home to galvanised iron huts and modest accommodations that hosted Australian vacationers from inland areas and from the south.
Broader Portfolio and Regional Background
Blackstone has ownership of luxury hotels and resorts in multiple nations, such as Japan, India, the Maldives, Sri Lanka, and the United States.
The area is the traditional lands and seas of the Ngaro people. The name derives from Captain James Cook, who sailed the HMS Endeavour through the archipelago on June 3, 1770, which was Whit Sunday.
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