A major resort island situated within the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a American investment group for a sum said to be worth 1.2 billion Australian dollars.
“We are honored to build on the legacy and commitment that the Oatley family has established in the heart of the iconic Great Barrier Reef,” said a company executive.
Details of the Sale
Headquartered in New York, the investment firm Blackstone – which also owns the casino-hotel chain Crown Resorts – announced it had signed an agreement to acquire the island resort from the Oatley family, pending customary regulatory approvals.
The sellers issued a comment saying they welcomed the change in ownership of an island that holds a “special place in the hearts of countless Australians” and is referred to as “Australia’s Tropical Island”.
The Island's Size and Amenities
Located almost 900km north of Brisbane and about 500km south of Cairns, the island covers more than 1,130 hectares spanning two separate islands.
Roughly 30% of the area is built upon, featuring a significant range of amenities:
- Five hotels
- Over twenty dining and drinking venues
- Twenty shops and retail spaces
- An 18-hole championship golf course on adjacent Dent Island
- A marina and a commercial airport
The resort is described as a major job provider in the Whitsunday region, supporting a large on-island community and staff, as well as a wide network of local partners, suppliers, and area businesses.
Historical Context at Ownership
The late billionaire Robert Oatley, a renowned sailor and vintner, first bought the resort for A$200 million in the year 2003 after spotting the island from aboard a yacht during a voyage through the Whitsunday passage.
Hamilton's development boom initially started in the 1980s. In the decades before that, it was characterized by simple iron huts and more humble quarters that housed domestic holidaymakers from the outback and from the south.
Broader Portfolio and Regional Background
The acquiring firm also owns luxury hotels and resorts in multiple nations, including Japan, India, the Maldives, Sri Lanka, and the United States.
The Whitsunday region is the ancestral territory of the Ngaro Indigenous people. The name derives from Captain James Cook, who navigated the HMS Endeavour through the island group on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.
