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Iconic Hamilton Island Sold Off to US Company
Blackstone acquired Hamilton Island resort, expanding its hospitality portfolio with a $1.2 billion investment in a major Great Barrier Reef tourism asset.
- On Tuesday, Blackstone confirmed it acquired Hamilton Island, a resort in Queensland's Whitsundays, with market sources saying the sale price was about $1.2 billion.
- After more than two decades of ownership, the Oatley family invested more than $350 million to develop Hamilton Island into a premier tourist destination.
- Hamilton Island covers more than 2,800 acres across two islands, with around 70% undeveloped, featuring five hotels, over 20 restaurants and bars, 20 retail outlets, a marina, commercial airport, and Dent Island's 18-hole golf course.
- Regulators will review the sale, which is subject to customary approvals in Australia, as the Commonwealth Ombudsman said thousands of island workers were underpaid nearly $30m.
- The firm says `Hospitality and leisure is a key investment theme at Blackstone globally including in the Asia Pacific region, where we've brought scale and operational expertise to invest in and build leading brands,` Heady said.
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US company buys Queensland's Hamilton Island
Hamilton Island is set to change hands as its owners offload the tropical paradise to a private equity company in the US.Blackstone has acquired the famous Queensland resort owned by the billionaire Oatley family for more than two decades.The deal, which could see the US company become a major force in Australia's hospitality sector, is now subject to regulatory approval.READ MORE: Enormous bull shark caught off Queensland coastREAD MORE: Sydne…
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Coverage Details
Total News Sources18
Leaning Left3Leaning Right6Center2Last UpdatedBias Distribution55% Right
Bias Distribution
- 55% of the sources lean Right
55% Right
L 27%
C 18%
R 55%
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