Blackstone Is Buying a Resort Island Near Great Barrier Reef: Photos

2025-12-29T10:31:01.272Z

Blackstone is acquiring Hamilton Island, a resort destination in Australia.
Hamilton Island spans over 2,800 acres, with the majority of the land undeveloped.
The deal is valued at $1.2 billion, according to reports.

A vacation destination nestled off the coast of Australia will soon be owned by Blackstone, the US-based investment firm.

Blackstone announced on December 23 that it entered an agreement to acquire Hamilton Island. Outlets, including the Australian Broadcasting Corporation, said the deal is worth $1.2 billion.

“This investment, which is subject to customary regulatory approvals, builds on Blackstone’s leading global position in leisure and hospitality, including in the Asia Pacific (APAC) region, where it has made significant investments across Australia, Japan, and India,” Blackstone said in a press release.

Blackstone valued its real estate portfolio, which includes numerous vacation destinations worldwide, at $611 billion as of September 2025.

Here is what Blackstone is getting with its latest purchase.

Hamilton Island is located near the Great Barrier Reef

Hamilton Island in Australia — Hamilton Island is part of Australia’s Whitsunday Islands.

Steve Christo – Corbis/Corbis via Getty Images

Hamilton Island is part of the Whitsunday Islands chain in Queensland, located off the northeast coast of Australia. The Ngaro people originally lived on the Whitsunday Islands, which are near the Great Barrier Reef.

Tourists from Australia‘s outback and southern region began vacationing at Hamilton Island in the 1920s, according to the Hamilton Island tourism website.

Hamilton Island became a go-to vacation destination during the 1980s.

Hamilton Island transformed into a resort destination in the 1980s under Keith Williams, who owned and operated the island for two decades, according to the tourism website.

During that time, he built Hamilton Island’s marina and a resort. The island was later acquired by the family of Bob Oatley, a famous Australian winemaker.

The Oatley family has invested millions into developing Hamilton Island.

The Hamilton Island tourism website said the Oatley family spends millions of dollars each year on upgrading the infrastructure, accommodations, and services.

Hamilton Island has five hotels and a commercial airport.

Resort at Hamilton Island in Australia — A resort on Hamilton Island.

EyesWideOpen/Getty Images

Hamilton Island measures 2,800 acres across two islands. There are five hotels, 20 retailers, over 20 restaurants and bars, a marina, a golf course, and a commercial airport.

About 70% of the area remains undeveloped, Blackstone said.

Sustainability is essential on Hamilton Island.

Hamilton Island is located near the Great Barrier Reef, a UNESCO World Heritage Site. As a result, significant efforts are made to preserve the area.

In addition to sustainable waste disposal, the tourism site said the island has nature-based experiences to educate guests, island-wide erosion and sediment control measures, water treatment plans, liquid composters, and more.

There are activities for all ages on Hamilton Island.

Hamilton Island has a range of activities for guests, including ATV riding for children, snorkeling, mountain biking, a golf club, a yacht club, and more.

Sailing is a big deal on Hamilton Island.

Hamilton Island’s position near the Coral Sea makes it an ideal destination for sailing, a popular activity among visitors. In addition to the marina and local yacht club, Hamilton Island has hosted an annual sailing race week for four decades.

The next race week is scheduled for August 2026.

Best Job in the World

Nearly two decades ago, Queensland’s tourism office launched a campaign encouraging people to apply for the “Best Job in the World”: a six-month stint as a caretaker on Hamilton Island.

Queensland’s tourism website said the winner, Ben Southall, beat out over 34,000 applicants from over 200 countries. The BBC reported that the position came with a $150,000 salary and a luxury villa for accommodation.

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