World different asset supervisor Blackstone has entered into an settlement to amass Queensland’s Hamilton Island from the Oatley household.
The deal, topic to customary regulatory approvals, will see Blackstone take management of 5 motels, greater than 20 eating places and bars, 20 stores, an 18-hole championship golf course on neighbouring Dent Island, a marina and a business airport.
The transfer, price a reported AU$1.2 billion in accordance with the Australian Monetary Assessment, expands Blackstone’s Australian portfolio, which incorporates Crown Resorts properties in Melbourne, Perth and Sydney, and AirTrunk, the most important information middle platform in Asia Pacific.
“Hamilton Island is an distinctive vacation spot, and we’re honoured to construct on the imaginative and prescient and dedication that the Oatley household has delivered to investing in its transformation and add a standout asset to our portfolio,” stated Blackstone Chairman of Asia Pacific and Head of Actual Property Asia, Chris Heady.
“Hospitality and leisure is a key funding theme at Blackstone globally together with within the Asia Pacific area, the place we’ve introduced scale and operational experience to put money into and construct main manufacturers.
“We’re dedicated to investing within the long-term success of Hamilton Island, its individuals, and its native companies and neighborhood,” he stated.
Hamilton Island is positioned within the Nice Barrier Reef and the acquisition will see Blackstone take over greater than 2,800 acres throughout two islands, round 70% of which stays undeveloped.
“We want to thank our Board and Administration for reaching this final result and welcome the brand new house owners Blackstone. Hamilton Island has a particular place within the hearts of many Australians,” stated Sandy, Ian and Rosalind Oatley.
“For greater than 20 years the household’s ardour, led by Bob Oatley, has made important investments to rework the island into one in every of Australia’s most liked and visited locations, famend for its pure magnificence, number of world-class lodging, facilities and experiences, and guaranteeing its place as Australia’s Tropical Island.
“We’re delighted to have a accomplice of Blackstone’s calibre and sources to proceed the legacy, whereas supporting our individuals and island neighborhood.”
Blackstone is likely one of the main traders in hospitality and leisure globally and its key investments embrace an eight-hotel portfolio from Kintetsu Group Holdings in Japan; a three way partnership with Panchshil Realty on Ventive Hospitality, which owns and manages a portfolio of luxurious motels in India, the Maldives, and Sri Lanka; and Nice Wolf Resorts, a number one proprietor and operator of family-oriented leisure resorts in the US.
