Blackstone buys island resort in Australia’s Great Barrier Reef
The deal, pending regulatory approval, would end more than two decades of ownership by Australia’s Oatley family
[MELBOURNE] Blackstone has agreed to buy Hamilton Island, a major resort hub in the heart of Australia’s iconic Great Barrier Reef.
The private equity giant announced the deal on Tuesday (Dec 23), subject to regulatory approval, in a transaction that would end more than two decades of ownership by Australia’s Oatley family.
The island was initially listed for sale in 2023 before being withdrawn. In October, local media reported it was back on the market with a price tag of around A$1 billion (S$858 million). Representatives from Blackstone declined to comment on the sale price.
The deal fits with Blackstone’s focus on hospitality and leisure as “a key investment theme,” Chris Heady, chairman of Asia-Pacific and head of real estate for Asia, said in a statement.
The island will be “a standout asset to our portfolio,” he said, adding that the firm was “committed to investing in the long-term success,” of the tourist hot-spot.
In addition to a series of resorts, Hamilton Island has an airport, golf course and full-service marina that provides access to the Whitsundays group of islands and the Great Barrier Reef, Blackstone said in a statement. BLOOMBERG
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
