Daily London
Hamilton Island is set to change hands as its owners offload the tropical paradise to a private equity company in the US.
Blackstone has more than $1.2 trillion in assets globally and took over Crown Resorts for $8.9 billion several years ago.
The Oatley family acquired the popular tourist destination in 2003 after it won a bid for 100 per cent of the shares in Hamilton Island when it was a publicly-listed company.
The late Bob Oatley, a renowned Australian winemaker and patriarch of the family, wanted to establish Hamilton Island as a destination anyone on any income could enjoy.
The Oatley family has spent more than $350 million on improvements to the island, which has won more than 50 awards in recent years.
Blackstone chairman of Asia Pacific and head of Asia real estate Chris Heady told the Australian Financial Review the company wanted to build on the Oatley’s investment in the island.
“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,” Heady said.
“We are committed to investing in the long-term success of Hamilton Island, its people, and its local businesses and community.”
