One of Australia's most beloved tropical island resorts has been acquired by a global investment titan in a landmark deal. Hamilton Island, the jewel of Queensland's Whitsundays, has been sold to US private equity firm Blackstone for a whopping $1.2 billion.
A New Chapter for an Australian Icon
Blackstone, a firm with over $1.2 trillion in assets worldwide, confirmed the acquisition in a statement on Tuesday. The deal, which is now awaiting regulatory approval, marks the end of more than two decades of ownership by the billionaire Oatley family, famous for their Australian winemaking legacy.
The family, led by the late Bob Oatley, purchased the island in 2003 with a vision to make it an accessible destination for all. Since then, they have poured more than $350 million into transforming the 2800-acre site, which spans two islands. The resort now boasts five hotels, over 20 restaurants and bars, a golf course, a marina, and its own commercial airport.
Blackstone's Growing Australian Portfolio
This acquisition significantly expands Blackstone's footprint in Australia's leisure and hospitality sector. The firm already controls Crown Resorts, having acquired the casino operator in an $8.9 billion deal in 2022, with properties in Melbourne, Sydney, and Perth.
Chris Heady, Blackstone's Asia Pacific Chairman and Head of Real Estate Asia, praised the Oatley family's work. "Hamilton Island is an exceptional destination, and we are honored to build on the vision and dedication that the Oatley family has brought to investing in its transformation," Heady said. He emphasised that hospitality is a key global investment theme for the firm and committed to investing in the island's long-term success and community.
Legacy and Future of a National Treasure
In a statement, the Oatley family's Sandy, Ian, and Rosalind Oatley expressed their confidence in the new owners. They highlighted their father Bob's passion in creating "one of Australia’s most loved and visited destinations." The family stated they are "delighted to have a partner of Blackstone’s calibre and resources to continue the legacy."
The sale comes at a pivotal time for the island. Recently, it was revealed that thousands of workers on Hamilton Island had been underpaid nearly $30 million, a matter currently being addressed. As one of the Great Barrier Reef's premier tourist landmarks, hosting hundreds of weddings and thousands of visitors annually, its future under new stewardship will be closely watched by the tourism industry and Australians alike.
