New York-based Blackstone will purchase the iconic Hamilton Island integrated resort in the Whitsundays from the Oatley winemaking family in a reported AUD$1.2 billion deal.
Blackstone, which counts Crown Resorts among its local acquisitions, announced it has entered an agreement to buy the 1,130ha Hamilton Island from the Oatley family, subject to regulatory approval.
Sandy, Ian and Rosalind Oatley said they welcomed the new owners of an island that has such 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,” they said in a statement.
“We are delighted to have a partner of Blackstone’s calibre and resources to continue the legacy, while supporting our people and island community.”
The Australian winemaking family has owned the private resort island in Queensland’s Whitsundays since 2003. Hamilton Island is home to the 5-star qualia resort and the new-ish The Sundays boutique hotel.
It is also the location of prestigious annual events, such as Hamilton Island Race Week, and seasonal celebrations.
Blackstone said 30 per cent of Hamilton Island, which technically spans two islands, is developed with “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”.
“Hamilton Island is a significant employer in the Whitsundays, supporting a large on-island community and workforce as well as a broad network of regional partners, suppliers and local businesses,” the private equity firm said in a 23 December statement.
Blackstone APAC Chair & Head of Real Estate Asia Chris Heady said Blackstone was honoured to build on the vision and dedication of the Oatley family in the heart of the World Heritage-listed Great Barrier Reef.
“We are committed to investing in the long-term success of Hamilton Island, its people and its local businesses and community,” he said.
KARRYON UNPACKS: Blackstone’s $1.2B acquisition of Hamilton Island underscores the global appetite for Australian tourism assets and signals renewed investment momentum in luxury, experience-led destinations across the Great Barrier Reef.
