US private equity firm Blackstone has agreed to buy Hamilton Island in the Whitsunday Islands, as tipped by Travel Weekly late last year, from the Oatley family, in a deal believed to be worth $1.2b.
“Hamilton Island is an exceptional destination, and we are honoured to build on the vision and dedication that the Oatley family has brought to investing in its transformation and add a standout asset to our portfolio,” Blackstone Asia Pacific chairman and head of real estate Asia, Chris Heady, said.
The Oatley family said founder Bob Oatley’s passion and “significant investments” had helped to turn the island into “one of Australia’s most loved and visited destinations”.
“Hamilton Island has a special place in the hearts of many Australians,” the family said in a joint statement. “We are delighted to have a partner of Blackstone’s calibre and resources to continue the legacy.”
The Hamilton Island resort, located within the World Heritage-listed Great Barrier Reef, covers more than 1130ha across two islands, with around 70 per cent of the land remaining undeveloped.
Is Hamilton Island now in the hands of a US private equity giant?
The resort includes 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 transaction, which will be reviewed and subject to approval from the Queensland Government, will expand Blackstone’s existing portfolio of leisure and hospitality assets in the Asia Pacific region, where it has investments across Australia, Japan and India.
