Blackstone strikes $1.2bn deal to acquire Hamilton Island
US private equity heavyweight Blackstone has agreed to acquire Hamilton Island, one of Australia’s best-known resort destinations, from the Oatley family in a deal reportedly valued at $1.2 billion.
Located in Queensland’s Whitsunday Islands within the Great Barrier Reef World Heritage area, Hamilton Island spans more than 2,800 acres across 2 islands.
Blackstone says about 70 per cent of the land remains undeveloped, offering long-term expansion potential.
The integrated resort includes five hotels, more than 20 restaurants and bars, 20 retail outlets, a marina, and a commercial airport. It also features an 18-hole championship golf course on neighbouring Dent Island.
The transaction, which is subject to customary regulatory approvals, will add a flagship Australian asset to Blackstone’s growing Asia Pacific leisure and hospitality portfolio, where it already holds investments across Australia, Japan and India.
Chris Heady, chairman of Asia Pacific and head of real estate Asia at Blackstone, said: “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.”
The late Robert Oatley acquired Hamilton Island for $200m in 2003 and led its transformation into a premium domestic and international tourism destination.
The Oatley family welcomed the sale, saying: “Hamilton Island has a special place in the hearts of many Australians. 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 … we are delighted to have a partner of Blackstone’s calibre and resources to continue the legacy, while supporting our people and island community.”
Hamilton Island is located about 500 kilometres south of Cairns and 900 kilometres north of Brisbane.
The deal follows Blackstone’s $5.65 billion acquisition of US marina operator Safe Harbour in February 2025 and builds on its Australian investments, which include Crown Resorts and data centre platform AirTrunk.
Jonathan Jackson, 12th January 2025
