Hamilton Island, one of the most iconic holiday destinations on Australia’s
Great Barrier Reef, is changing hands. In a big tourism industry move, US private-equity giant Blackstone has agreed to buy the island resort from the Oatley family in a deal reported to be worth about $1.2 billion, a sale that marks the end of more than two decades of local ownership.

This isn’t just another real-estate transaction.

Hamilton Island is a slice of tropical paradise in Queensland’s Whitsunday Islands, attracting visitors from across Australia and around the world. Known for its stunning natural setting and resort lifestyle, it’s long been a flagbearer of the Great Barrier Reef experience.

What’s in the deal?

Blackstone’s purchase includes the core resort operations on Hamilton Island, a property that spans more than 1,100 hectares and features five hotels, over 20 restaurants and bars, retail outlets, a marina, a commercial airport, and even a championship golf course on nearby Dent Island.

As part of a statement, Blackstone said the island is a “significant employer in the Whitsundays, supporting a large on-island community and workforce” as well as a wider network of regional businesses.

“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,” Blackstone’s Chris Heady, chairman of Asia Pacific & head of real estate for Asia, told the Guardian.

“Hospitality and leisure is a key investment theme at Blackstone globally including in the Asia Pacific region … We are committed to investing in the long-term success of Hamilton Island, its people, and its local businesses and community,” he added.

Oatley family passes the torch

For over 20 years, the Oatley family’s stewardship helped develop Hamilton Island into a world-class resort destination after acquiring it in the early 2000s. In their own words, the island holds a “special place in the hearts of many Australians.”

The family said they were pleased to find a new partner in Blackstone, noting the firm’s resources to continue the legacy they helped build.

The transaction is still subject to approval from Queensland regulators, and industry watchers say this sale could reshape perceptions for future large-scale tourism and island property deals in Australia.