Blackstone buys Hamilton Island for $1.2b
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The news: Private equity giant Blackstone will purchase Hamilton Island from the Oatley family for around $1.2 billion after completing months of due diligence.
The sale price, which was confirmed to Capital Brief by a source familiar with the matter, will see the end to more than 20 years of ownership of the island by the Oatley family.
In a statement Blackstone said the 2,800 acre land, spread across two islands, remains 70% undeveloped. It opens the door for the $1.2 trillion alternative asset manager to pursue further development on top of the island's existing infrastructure which currently includes a commercial airport, marina, five hotels, an 18-hole golf course, more than 20 restaurants and bars, and another 20 shops.
The sale price was first reported as $1.2 billion by the Financial Review, citing two sources. It sees Blackstone push further into the region after acquiring Crown Resorts for nearly $9 billion in 2022.
"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," Blackstone chairman of Asia Pacific & head of real estate Asia Chris Heady said in a statement.
The Oatley family, who bought the island in 2003, said they were happy with the outcome achieved by the board.
“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, renowned for its natural beauty, variety of world-class accommodation, amenities and experiences, and ensuring its place as Australia’s tropical island," Sandy, Ian and Rosalind Oatley said in a joint statement.
"We are delighted to have a partner of Blackstone’s calibre and resources to continue the legacy, while supporting our people and island community.”
The source: Blackstone
