The ownership of Hamilton Island is poised for a significant change as its current proprietors prepare to sell the idyllic destination to an American private equity firm.

Leading the acquisition is Blackstone, a company with a staggering global asset portfolio exceeding $1.2 trillion. Notably, Blackstone made headlines a few years back with its $8.9 billion takeover of Crown Resorts.

In 2003, the Oatley family secured this sought-after tourist hotspot, successfully purchasing all shares when Hamilton Island was publicly traded. This move was spearheaded by the late Bob Oatley, an esteemed Australian winemaker, whose vision was to transform the island into a haven accessible to individuals across all income brackets.

Under the stewardship of the Oatley family, Hamilton Island has seen over $350 million invested in its development, resulting in the destination garnering more than 50 prestigious awards in recent years.

The Oatley family has spent more than $350 million on improvements to the island, which has won more than 50 awards in recent years.

Blackstone chairman of Asia Pacific and head of Asia real estate Chris Heady told the Australian Financial Review the company wanted to build on the Oatley’s investment in the island.

“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,” Heady said.

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