Hamilton Island Changes Hands in a $1.2 Billion Deal on the Great Barrier Reef
Right now, one of Australia’s most iconic holiday destinations is entering a brand-new chapter. Hamilton Island, the world-famous tropical getaway sitting right on the edge of the Great Barrier Reef, is set to be bought by US private equity giant Blackstone in a deal reportedly worth around $1.2 billion. It’s a huge transaction, and it’s already sparking plenty of conversation across Australia and beyond.
The agreement has been announced by Blackstone, which is headquartered in New York and already owns major hospitality assets around the world, including Crown Resorts in Australia. The purchase will see the island change hands from the Oatley family, the Australian winemaking dynasty that has owned and operated Hamilton Island for more than two decades. As with deals of this scale, the sale is still subject to standard regulatory approvals, but all signs suggest the transition is moving forward.
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The Oatley family has described Hamilton Island as having a special place in the hearts of Australians, often being referred to as “Australia’s Tropical Island.” That sentiment isn’t surprising. Located nearly 900 kilometres north of Brisbane and roughly 500 kilometres south of Cairns, Hamilton Island has long been seen as a gateway to the Whitsundays and the Great Barrier Reef. It attracts both domestic and international travellers looking for that classic mix of reef, beaches, and resort luxury.
The story of how the Oatleys came to own the island is almost legendary. The late Robert Oatley, a billionaire sailor and winemaker, reportedly first spotted Hamilton Island from the deck of his yacht while sailing through the Whitsundays in 2003. Not long after, the resort was purchased for about $200 million, a figure that makes today’s reported $1.2 billion price tag even more striking.
Blackstone has highlighted the sheer scale of what it is acquiring. Hamilton Island covers more than 1,130 hectares across two islands, with around 30% developed. That development includes five hotels, more than 20 restaurants and bars, dozens of retail outlets, a championship 18-hole golf course on nearby Dent Island, a full-service marina, and even its own commercial airport. Importantly, the island is also a major employer in the Whitsundays, supporting a large on-island community as well as regional suppliers and local businesses.
Blackstone executives have said they are honoured to build on the vision created by the Oatley family and have committed to investing in the island’s long-term success. Given Blackstone’s global portfolio of luxury resorts in places like Japan, India, the Maldives, and the United States, the deal is being seen as a sign that Hamilton Island’s global appeal remains as strong as ever.
From humble beginnings with simple huts for Australian holidaymakers to becoming a world-renowned resort destination, Hamilton Island has been shaped by decades of change. Now, with this blockbuster sale, another major transformation appears to be underway, right in the heart of the World Heritage-listed Great Barrier Reef.
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