An iconic resort island located on the World Heritage-listed Great Barrier Reef has reportedly been sold to a US-based investment group in a deal reportedly valued at A$1.2 billion.
“It is an honor to continue the vision and dedication of the Oatley family has built in the center of the World Heritage-listed Great Barrier Reef,” said a senior representative.
Headquartered in New York, Blackstone – the owner of the hospitality group Crown Resorts – announced it had signed an agreement to acquire the Hamilton Island resort from the Oatley family owners, subject to standard approvals from regulators.
The family released a statement noting they were pleased with the change in ownership of an island that holds a “unique position in the hearts of many Australians” and is known as “Australia’s Tropical Island”.
Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, the island covers more than 1,130 hectares spanning two separate islands.
Approximately 30% of the area is built upon, featuring a significant range of amenities:
Hamilton Island is described as a major job provider in the Whitsundays, supporting a sizable resident community and staff, as well as a wide network of local partners, suppliers, and local businesses.
The deceased Robert Oatley, a renowned sailor and winemaker, originally purchased the resort for $200 million in the year 2003 after spotting the island from aboard a yacht during a voyage through the Whitsundays.
The island's development boom first began in the 1980s. In the decades before that, it was home to galvanised iron huts and more humble quarters that hosted Australian vacationers from inland areas and from the south.
Blackstone also owns luxury hotels and resorts in several nations, including Japan, India, the Maldives, Sri Lanka, and the United States.
The Whitsunday region is the traditional lands and seas of the Ngaro people. The name derives from Captain James Cook, who sailed the Endeavour through the island group on Sunday 3 June 1770, which was Whit Sunday.
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