The Brief:
Starwood Capital is financing Blackstone's $1.2bn Hamilton Island acquisition, with G+T advising.
It's the second time the pair have teamed up — Starwood provided a $5.4bn facility for Blackstone's Crown Resorts takeover in 2022.
There's a familiar face backing Blackstone's $1.2bn Hamilton Island play — Starwood Capital Group. And Gilbert + Tobin is advising on the financing.
The deal
Three years ago, Starwood and Blackstone joined forces on a $5.4bn acquisition facility for Blackstone's $8.9bn Crown Resorts takeover — one of the largest financing structures in Australian corporate history. Now Starwood's real estate debt funds are bankrolling Hamilton Island, almost entirely.
Hamilton Island is a fully self-contained resort ecosystem — five hotels, an airport, a marina, a golf course and 20+ restaurants and bars. That diversity called for creative financing solutions.
Who’s acting
Gilbert + Tobin's Real Assets team led the mandate. Partner and Real Assets Co-Lead Stuart Cormack headed the financing workstream, supported by lawyers Natalie Ho, Brent Thompson and Luke Briscoe.
G+T handled everything: structuring the multi-property facilities, asset due diligence and supporting the broader acquisition process. Partner and Real Assets Co-Lead Ben Cosentino led on asset due diligence, with lawyer Morgan Foulsham in support.
And Cormack was the natural pick — he previously advised various lenders on the debt financing for Blackstone's Crown acquisition.
What they said
Cormack said the island was “unlike any asset we have worked on”, adding it was “a privilege to advise Starwood and support Blackstone on what will be an exciting new chapter for one of Australia's best-loved destinations.”
Source: Gilbert + Tobin