Hayman Island, one of the more famous islands on the Great Barrier Reef, is to undergo a multimillion dollar facelift together with a change in management.
Owner Mulpha Australia, which is developing a series of private residences on the island, has entered into an agreement with Kerzner International Holdings, to assume management of the luxury island resort.
Hayman will undergo a $40 million renovation and be relaunched as One&Only Hayman Island in April next year - One&Only's first resort in Australia. Mulpha continues to maintain full ownership of the island.
Tourism & Transport Forum chief executive Ken Morrison said the agreement represented a significant investment in quality product at the top end of the tourism market.
"Australian tourism operators are increasingly seeking out high-yield visitors and this investment will position Hayman as a world-class luxury destination for people seeking unique and exclusive experiences," Mr Morrison said.
Mulpha Australia executive chairman Seng Huang Lee said the refurbishment combined with One&Only's commitment to a high level of service would "redefine resort luxury in Australia".