The late Bob Oatley purchased Hamilton Island in 2003. Twenty-two years later, the Oatley family have sold the largest island in the Whitsundays archipelago in a deal said to be worth $1.2 billion.
It spans 2,800 acres in the Great Barrier Reef, has five hotels, 20 restaurants, a dedicated marina and a commercial airport. ‘Hamo,’ as it is affectionately known, is the largest of the 74 Whitsundays Islands, and lies in the Coral Sea just 30 kilometres from the Australian mainland.
This slice of Queensland paradise is now changing hands from the billionaire family that made their money in the wine business, to a New York-headquartered alternative asset management firm.
“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,” says Chris Heady, Blackstone’s Chairman of Asia Pacific & Head of Real Estate Asia.
That portfolio includes Crown Resorts, formerly controlled by James Packer, and Australian entrepreneur Robyn Khuda’s data centre conglomerate, Airtrunk.
“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,” Heady says.
An avid yachtsman, Oatley participated in numerous Sydney to Hobart yacht races on ‘Wild Oats.’ He is survived by his children Ian, Rosalind, and Sandy Oatley, who manages the family office Balmoral Australia alongside CEO Nick Dowling.
“Hamilton Island has a special place in the hearts of many Australians,” the Oatley family said in a statement.
“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.”
Resorts on Hamilton Island include the luxurious qualia, Beach Club, The Sundays, Reef View and Palm Bungalows. The island is a significant employer in the region and provides access to spectacular Whitehaven Beach and Heart Reef.
The late Bob Oatley purchased the island for $200 million in 2003 and made significant investments in the region until his death in 2016. This year, further enhancements have been made.
“Over the past year, we’ve been focused on elevating every part of the island experience – from where you stay, to where you dine, to how you explore the reef and the Whitsundays – and it’s exciting to see that resonate,” Hamilton Island CEO Dowling said earlier this month.
The improvements include upgrades to accommodation, dining and guest experiences. A new boutique hotel called The Sundays opened this year, as well as the Catseye Pool Club.
Google recently named Hamilton Island as the top trending travel destination in Australia. It has hosted international celebrities such as Taylor Swift, Oprah Winfrey, Johnny Depp, Leonardo DiCaprio, and homegrown Australian talent including Chris Hemsworth, Cate Blanchett and Miranda Kerr.
Blackstone says it is motivated to continue supporting the island’s growth.
“We are committed to investing in the long-term success of Hamilton Island, its people, and its local businesses and community,” says Heady.
The Oatley family notes it is “delighted” to partner with Blackstone which has “the resources to continue the legacy, while supporting our people and island community.”
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