Oscars Hotel Group Acquires Whitsunday island

Long Island, an island in Whitsundays between Hamilton Island and Airlie Beach, is about to be acquired by Sydney-based Oscars Hotel Group in a deal worth close to $20 million.

The hospitality group, which was founded in 1986, is one of the largest in NSW with over 30 venues to its name such as Novotel Sydney Brighton Beach and Holiday Inn at Warwick Farm.

The group is owned by brothers Bill and Mario Gravanis. The pair has built up their empire from a single pub in Sydney’s Inner West.

While the company is yet to comment about the acquisition, a statement on its website says, “We push the boundaries and plate up an exclusive and memorable experience in each of our venues.”

A major redevelopment of the island to turn it into an up-market resort is now expected.

The deal was struck by CBRE Hotels’ Hayley Manvell and Wayne Bunz.

The island has been on the market since 2016 when its resort facilities closed after a cyclone.

According to Ms Manvell the Whitsundays has been a beneficiary of a rebound in domestic tourism post pandemic.

 “The level of inquiry we are seeing for regional and leisure assets right now is at unprecedented levels,” she said.

“It’s also particularly encouraging to see domestic capital shifting out of their key markets, predominantly Melbourne and Sydney, and into other destinations they may not have had interest in.”

The acquisition of Long Island would be Oscars Hotel Group’s first in Queensland.

Irit Jackson, 17th May 2021