Blackstone Buys Island Resort in Australia’s Great Barrier Reef

Hamilton Island, a popular tropical holiday destination on the Great Barrier Reef, has been sold to a US private equity firm, reportedly for $1.2bn.

New York-headquartered Blackstone – which owns the casino-hotel chain Crown Resorts – released a statement on Tuesday night announcing it had entered into an agreement to acquire the Hamilton Island resort from the Oatley family, subject to customary regulatory approvals.
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The Oatley family released a statement saying they welcomed the new owners of an island that has a such a “special place in the hearts of many Australians” that it has become “Australia’s Tropical Island”.

Hamilton is almost 900km north of Brisbane and about 500km south of Cairns on Queensland’s tropical coast.

“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,” it said in a statement.

The company’s regional head of real estate, Chris Heady, said Blackstone was “honored to build on the vision and dedication that 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.