Private equity giant Blackstone (NYSE:BX) is set to acquire Hamilton Island from the Oatley family for approximately $1.2 billion, ending more than two decades of family ownership.
The deal, confirmed by sources familiar with the matter, follows months of due diligence and positions Blackstone to expand its presence in Australia's tourism and hospitality sector.
The 2,800-acre island, which spans two islands and remains 70% undeveloped, already features a commercial airport, marina, five hotels, an 18-hole golf course, more than 20 restaurants and bars, and a variety of retail outlets.
Blackstone, which manages $1.2 trillion in assets, said it plans to invest in further development while enhancing the island’s existing infrastructure.
"Hospitality and leisure is a key investment theme for Blackstone globally, including in the Asia Pacific region," said Chris Heady, Blackstone chairman of Asia Pacific & head of real estate Asia. "We are committed to the long-term success of Hamilton Island, its people, and its local community."
The Oatley family, who purchased the island in 2003, praised the agreement.
"Hamilton Island has a special place in the hearts of many Australians," said Sandy, Ian, and Rosalind Oatley. "We are delighted to have a partner of Blackstone's calibre to continue the legacy while supporting our people and island community."