Hamilton Island sold for $1.2b
The Oatley family has sold Hamilton Island Enterprises for c$1.2 billion.
Subject to Foreign Investment Review Board approval, New York listed investment house Blackstone is the buyer.
The Whitsundays holding spans 1133 hectares – over 11 square kilometres – across two islands, operating as a self-contained township with more than 2000 hotel rooms, serviced apartments and villas across multiple resorts.
It also includes a c250-berth marina, retail village with supermarkets, specialty stores, bars and restaurants, conference facilities and staff accommodation.
Infrastructure includes a commercial airport capable of handling jet aircraft, sealed internal road networks, utilities and water treatment plants, medical services and logistics facilities.
The off-market deal comes two and a half years since Blackstone bought Crown Resorts from James Packer for $8.9b.
End of an era
Hamilton Island contains hundreds of privately owned strata apartments and homes, many managed through central letting pools.
The Oatley family acquired it in 2003 for c$200 million, buying shares in Hamilton Island Enterprises after the asset fell into receivership following earlier ownership by groups including BT Australia and Holiday Inn.
Under the ownership Robert Oatley — also the founder of wine maker Rosemount — and after his death in 2016, the family office spent c$450m upgrading, delivering the resort, marina-front villas and yacht facilities, expanding the airport, and developing an 18-hole golf course on nearby Dent Island (continues below).
Another island sale
Hamilton Island is held under a perpetual Queensland crown lease, expiring 2078.
Blackstone is expected to retain the operational model but renovate the accommodation and infrastructure in stages.
The speculated $1.2b price is well clear of other Australian island deals in recent years, typically up to the tens of millions of dollars.
The next tier Whitsundays resort deal includes South Molle Island which sold for $25m in 2016 to China Capital Investment Group which listed it mid-year, reportedly with c$30m expectations.
Stone Island hit the market in September with a c$23m guide.
Dunk Island meanwhile sold cyclone-damaged in mid-2022 for $24m to Annie Cannon-Brookes who is planning a wellness focused revamp.
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