US private equity giant Blackstone has agreed to buy Hamilton Island, one of Australia’s most iconic resort destinations, in a deal valued at more than AUD $1 billion, marking a major shift in ownership after more than 20 years under the Oatley family.
The Whitsundays resort, set within the Great Barrier Reef World Heritage area, was reportedly sold for about AUD $1.2 billion, according to market sources, although the price was not confirmed publicly.
The acquisition increases Blackstone’s growing footprint in Australia’s hospitality sector, following its takeover of Crown Resorts several years ago.
The Oatley family welcomed the change, saying Blackstone’s scale and resources would help carry forward the island’s legacy ‘while supporting staff and the local community’, and acknowledging the long-term investment that transformed Hamilton Island into one of the country’s most popular tropical destinations.
Image credit: Vladimir Halkatov
