A major resort island located on the Great Barrier Reef has reportedly been sold to a American private equity firm for a sum said to be worth 1.2 billion Australian dollars.
“It is an honor to build on the legacy and commitment of the family owners has built in the heart of the World Heritage-listed Great Barrier Reef,” stated a company executive.
The New York-headquartered, Blackstone – which also owns the casino-hotel chain Crown Resorts – announced it had signed an deal to purchase the Hamilton Island resort from the Oatley family, subject to customary regulatory approvals.
The family issued a comment noting they were pleased with the new owners of an island that holds a “special place in the hearts of many Australians” and is referred to as “Australia’s Tropical Island”.
Located roughly 900 kilometers north of Brisbane and about 500km south of Cairns, the island covers more than 1,130 hectares spanning two separate islands.
Roughly thirty percent of the area is built upon, featuring a significant array of facilities:
The resort is described as a major job provider in the Whitsunday region, supporting a sizable resident community and staff, as well as a broad network of local partners, suppliers, and area businesses.
The deceased billionaire Robert Oatley, a renowned yachtsman and winemaker, originally purchased the resort for $200 million in 2003 after spying the island from the deck a yacht during a voyage through the Whitsundays.
Hamilton's major development phase initially started in the 1980s. For decades prior that, it was home to galvanised iron huts and more humble quarters that hosted Australian vacationers from the outback and southern states.
The acquiring firm has ownership of luxury hotels and resorts in several countries, such as Japan, India, the Maldives, Sri Lanka, and the United States.
The area is the traditional lands and seas of the Ngaro Indigenous people. The name comes from Captain James Cook, who navigated the Endeavour through the island group on June 3, 1770, which was the Christian holiday of Whit Sunday.
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