Blackstone buys Australia’s Hamilton Island

SYDNEY – Real Estate funds managed by Blackstone have entered into an agreement to acquire Hamilton Island, an integrated resort destination in the Whitsunday Islands in Queensland, Australia, from the Oatley family.

Blackstone did not publish the price paid, but the Financial Review reported that two market sources not directly involved with the transaction said it had sold for about A$1.2 billion (US$804 million).

The island resort was initially listed in 2023 and reportedly came back to market in October 2025 with a price tag of around A$1 billion.

Hamilton Island is located in the heart of the World Heritage-listed Great Barrier Reef, the world’s largest coral reef. Hamilton Island spans more than 2,800 acres across two islands (around 70% of which remains undeveloped) and comprises five hotels, more than 20 restaurants and bars, 20 retail outlets, an 18-hole championship golf course on neighboring Dent Island, a marina, and a commercial airport. A range of stays include qualia, Beach Club, Reef View Hotel, Palm Bungalows, The Sundays, and self-catering holiday homes and apartments.

The billionaire Oatley family inherited Hamilton Island from their father, winemaker and sailor Robert Oatley who died in 2016, aged 87. They have reportedly invested more than A$450 million in upgrading Hamilton Island’s tourism facilities over the years.

“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, Blackstone. “We are committed to investing in the long-term success of Hamilton Island, its people, and its local businesses and community.”

Australia is home to some of Blackstone’s most significant investments, including Crown Resorts (acquired for $8.9 billion about three years ago), the country’s largest hospitality employer with three premium entertainment and hospitality resorts in Sydney, Perth, and Melbourne; and AirTrunk, the largest data center platform in APAC.

Blackstone’s key investments include an eight-hotel portfolio from Kintetsu Group Holdings in Japan; a joint venture with Panchshil Realty on Ventive Hospitality, which owns and manages a portfolio of luxury hotels in India, the Maldives, and Sri Lanka; and Great Wolf Resorts, an owner and operator of family-oriented entertainment resorts in the U.S.