Hamilton Island, one of Australia’s most recognisable tropical holiday destinations, has been sold in a major tourism deal. The island, located in Queensland’s Whitsundays near the Great Barrier Reef, is set to be acquired by US private equity firm Blackstone in a transaction reported to be worth $1.2 billion. The agreement has been announced publicly and is subject to customary regulatory approvals.
The sale marks a significant change in ownership for an island that has become a symbol of Australian tropical tourism. Hamilton Island is widely known for its resorts, beaches, and accessibility, making it a popular destination for both domestic and international travellers.
Hamilton Island Sale Confirmed by Blackstone
New York-based Blackstone confirmed it has entered into an agreement to buy Hamilton Island from the Oatley family, an Australian winemaking family that has owned the island for more than 20 years. While the reported price is $1.2 billion, the final figure has not been officially confirmed by either party.
The Oatley family said they welcomed the new owners and described Hamilton Island as having a “special place in the hearts of many Australians.” They noted that the island has become widely known as “Australia’s Tropical Island”.
Australia imposes record A$250 million penalty on ANZ for bond and retail banking breaches
Hamilton Island is located almost 900 kilometres north of Brisbane and around 500 kilometres south of Cairns, along Queensland’s tropical coastline. It sits within the Whitsundays, a group of 74 islands famous for clear waters, coral reefs, and scenic beauty closely linked to the Great Barrier Reef.
The late Robert Oatley, a billionaire sailor and winemaker, purchased Hamilton Island in 2003 for about $200 million after seeing it while sailing through the Whitsundays. Since then, the island has undergone extensive development and growth.
What Hamilton Island Includes and Its Economic Role
Hamilton Island spans more than 1,130 hectares across two islands. Around 30 percent of the land has been developed, with the rest remaining largely natural. The resort includes five hotels, more than 20 restaurants and bars, and around 20 retail outlets.
The island also features a marina and a commercial airport, allowing visitors to fly directly to the destination. An 18-hole championship golf course is located on neighbouring Dent Island and forms part of the overall resort offering.
Blackstone said Hamilton Island is a major employer in the Whitsundays. It supports a large on-island workforce and community, as well as a wide network of regional suppliers, partners, and local businesses. Tourism connected to the island plays an important role in supporting the regional economy.
Reddit sues Australian government, warning child social media ban threatens privacy and free speech
Chris Heady, Blackstone’s regional head of real estate, said the company was honoured to build on the vision created by the Oatley family. He said Blackstone is committed to investing in the long-term success of Hamilton Island, its people, and its surrounding community.
Blackstone owns hotels and luxury resorts in several countries, including Japan, India, the Maldives, Sri Lanka, and the United States.
History, Heritage, and Development of the Island
Hamilton Island lies within the traditional lands and seas of the Ngaro people. The Whitsundays region takes its name from Captain James Cook, who sailed through the island passage on Sunday, 3 June 1770, known as Whit Sunday.
Before major development, Hamilton Island was a modest holiday destination. It once featured galvanised iron huts and simple accommodation for Australian families, including visitors from inland and southern regions.
Large-scale development of the island began in the 1980s. Over time, it evolved into a fully serviced resort destination. Today, Hamilton Island stands as one of Australia’s most prominent tourism assets within the World Heritage-listed Great Barrier Reef region.