Blackstone has agreed to buy Hamilton Island, an integrated resort destination in the Whitsunday Islands in Queensland, Australia, from the Oatley family.
Although the transaction is reportedly valued at roughly A$1.2bn (€670m), Blackstone did not disclose the specific price for the deal, which was executed on behalf of its real estate funds.
Located in the Great Barrier Reef, the Hamilton Island resort holdings cover over 2,800 acres across two islands, with 70% of the land remaining undeveloped. The sale includes five hotels, more than 20 restaurants and bars, 20 retail outlets, a commercial airport, a marina and a golf course on Dent Island.
The Oatley family’s Sandy, Ian and Rosalind, said the family had made significant investments to transform the island into one of Australia’s most visited destinations, renowned for its natural beauty, variety of world-class accommodation, amenities and experiences, and ensuring its place as Australia’s Tropical Island.
Chris Heady, chairman of Asia Pacific & head of real estate Asia, 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.
“Hospitality and leisure are a key investment theme at Blackstone globally, including in the Asia Pacific region.”
Australia is home to some of Blackstone’s most significant hospitality investments, including Crown Resorts, the country’s largest hospitality employer with three premium entertainment and hospitality resorts in Sydney, Perth and Melbourne.
Globally, Blackstone’s hospitality and leisure investments include an eight-hotel portfolio from Kintetsu Group 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, an owner and operator of family-oriented entertainment resorts in the US.
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