Queensland’s iconic Hamilton Island has been acquired by US private equity firm Blackstone, in a major transaction for Australia’s tourism sector.
The Whitsunday Islands resort destination, long owned and developed by the Oatley family, has been sold for a reported A$1.2 billion, with the deal now subject to customary regulatory approval.
Hamilton Island is one of Australia’s most recognisable holiday hubs, situated in the heart of the Great Barrier Reef.
The integrated resort spans more than 2,800 acres across two islands and features five hotels, over 20 restaurants and bars, a marina, championship golf course, commercial airport and a wide range of tourism experiences.
In a statement, Blackstone said the acquisition builds on its global hospitality and leisure portfolio, expanding its footprint in the Asia Pacific region where it already has significant investments.
“Hospitality and leisure is a key investment theme at Blackstone globally including in the Asia Pacific region, where we’ve brought scale and operational expertise to invest in and build leading brands,” said Chris Heady, Blackstone’s Asia Pacific chairman and head of real estate in the region.
“We are committed to investing in the long-term success of Hamilton Island, its people, and its local businesses and community.”
The Oatley family have owned Hamilton Island since 2003, when they acquired the island after successfully winning a bid for 100 per cent of the shares in Hamilton Island when it was a publicly-listed company.
They spent over $350 million on improvements for the island, which has won numerous awards in the years since.
The family patriarch, Bob Oatley, a famous winemaker, wanted to transform Hamilton Island into an accessible travel destination for all Australians.
The Oatley family welcomed the partnership with Blackstone, saying the resort holds a special place in the hearts of many Australians.
“We would like to thank our Board and Management for achieving this outcome, and welcome the new owners Blackstone.
“Hamilton Island has a special place in the hearts of many Australians. For more than two decades the family’s passion, led by Bob Oatley, has made significant investments to transform the island into one of Australia’s most loved and visited destinations, renowned for its natural beauty, variety of world-class accommodation, amenities and experiences, and ensuring its place as Australia’s Tropical Island.”
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