US alternative asset manager Blackstone announced that it has agreed to acquire Hamilton Island, a flagship resort destination in Queensland’s Whitsunday Islands, from the Oatley family.
The firm did not disclose the purchase price, but the Australian Financial Review, citing two market sources, reported that the island was sold for about A$1.2 billion ($800 million).
The deal, which is subject to customary regulatory approvals, extends Blackstone’s push into leisure assets in the Asia-Pacific and adds another marquee property to its Australian portfolio.
“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,” said Chris Heady, chairman of Asia Pacific & head of Real Estate Asia at Blackstone.
Hamilton Island sits in the World Heritage-listed Great Barrier Reef. It spans more than 2,800 acres across two islands. About 70% of the land is undeveloped, giving scope for future expansion.
The asset includes five hotels and more than 20 restaurants and bars, Blackstone said. It also has around 20 retail outlets, a marina, and a commercial airport. The resort offers an 18-hole championship golf course on neighbouring Dent Island.
Hamilton Island is a major employer in the Whitsundays. It supports an on-island workforce and a wider network of suppliers and local businesses, per the announcement.
“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,” Heady said.
Australia is home to some of Blackstone’s most significant investments, including Crown Resorts, the country’s largest hospitality employer with three premium entertainment and hospitality resorts in Sydney, Perth, and Melbourne; and AirTrunk, the largest data centre platform in the Asia Pacific.
Globally, Blackstone has targeted hospitality and leisure assets alongside other real estate themes, with investments spanning hotel portfolios, resort operators, and mixed-use destinations.
Blackstone’s over $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries, and hedge funds.
It raised an additional $3.5 billion for its third pan-Asia buyout fund in the second quarter alone, a period that marked the onset of market volatility triggered by Trump’s tariff threats against US trade partners.
