Blackstone acquires Queensland’s Hamilton Island from the Oatley Family
The deal, subject to customary regulatory approvals, will see Blackstone take control of five hotels, more than 20 restaurants and bars, 20 retail outlets, an 18-hole championship golf course on neighbouring Dent Island, a marina and a commercial airport.
The move, worth a reported AU$1.2 billion according to the Australian Financial Review, expands Blackstone’s Australian portfolio, which includes Crown Resorts properties in Melbourne, Perth and Sydney, and AirTrunk, the largest data center platform in Asia Pacific.
“Hamilton Island is an exceptional destination, and we are honoured to build on the vision and dedication that the Oatley family has brought to investing in its transformation and add a standout asset to our portfolio,” said Blackstone Chairman of Asia Pacific and Head of Real Estate Asia, Chris Heady.
“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.
“We are committed to investing in the long-term success of Hamilton Island, its people, and its local businesses and community,” he said.
Hamilton Island is located in the Great Barrier Reef and the acquisition will see Blackstone take over more than 2,800 acres across two islands, around 70% of which remains undeveloped.
“We would like to thank our Board and Management for achieving this outcome and welcome the new owners Blackstone. Hamilton Island has a special place in the hearts of many Australians,” said Sandy, Ian and Rosalind Oatley.
“For more than two decades the family’s passion, led by Bob Oatley, has made significant investments to transform the island into one of Australia’s most loved and visited destinations, renowned for its natural beauty, variety of world-class accommodation, amenities and experiences, and ensuring its place as Australia’s Tropical Island.
“We are delighted to have a partner of Blackstone’s calibre and resources to continue the legacy, while supporting our people and island community.”
Blackstone is one of the leading investors in hospitality and leisure globally and its key investments include an eight-hotel portfolio from Kintetsu Group Holdings in Japan; a joint venture with Panchshil Realty on Ventive Hospitality, which owns and manages a portfolio of luxury hotels in India, the Maldives, and Sri Lanka; and Great Wolf Resorts, a leading owner and operator of family-oriented entertainment resorts in the United States.