In a landmark deal for Australian tourism, the iconic Hamilton Island resort on the Great Barrier Reef has been sold to the US private equity firm Blackstone for a reported $1.2 billion.
A Tropical Jewel Changes Hands
New York-headquartered Blackstone, which also owns the Crown Resorts casino-hotel chain, confirmed the agreement late on Tuesday. The acquisition from the Oatley family, renowned Australian winemakers and sailors, is pending standard regulatory approvals.
The Oatley family released a statement expressing their confidence in the new owners, noting the island's "special place in the hearts of many Australians" and its status as "Australia’s Tropical Island". The late Robert Oatley first purchased the resort for $200 million in 2003 after spotting it from his yacht while sailing the Whitsundays.
Scale and Significance of the Resort
Located roughly 900km north of Brisbane, Hamilton Island is a major hub within the World Heritage-listed Great Barrier Reef. Blackstone outlined the resort's vast scale, which spans over 1,130 hectares across two islands.
Currently, only about 30% of the land is developed, featuring an impressive array of amenities:
- Five hotels
- More than 20 restaurants and bars
- 20 retail outlets
- An 18-hole championship golf course on neighbouring Dent Island
- A marina and a commercial airport
The company emphasised that Hamilton Island is a significant employer in the Whitsundays region, supporting a large on-island community and a broad network of local suppliers and businesses.
Commitment to Legacy and Future Investment
Chris Heady, Blackstone's regional head of real estate, stated the firm was "honoured to build on the vision and dedication of the Oatley family." He reaffirmed a commitment to long-term investment in the island's success, its workforce, and the local community.
Blackstone brings extensive experience in luxury hospitality, with a portfolio of hotels and resorts across Japan, India, the Maldives, Sri Lanka, and the United States.
The Whitsundays archipelago, comprising 74 islands, holds deep cultural and historical significance. The area is the traditional land and sea country of the Ngaro people. Its European name originates from Captain James Cook, who sailed through the passage on Whit Sunday in 1770.
Hamilton Island's modern development boom began in the 1980s, transforming it from a destination with simple iron huts for domestic holidaymakers into a world-class tropical resort. This sale marks a new chapter for one of Australia's most famous tourist destinations.
