🔗 Share this article Hamilton Island, a Iconic Tropical Holiday Destination on the World Heritage Reef, Reportedly Set to be Sold by American Private Equity Firm. A major resort island situated on the World Heritage-listed Great Barrier Reef has reportedly been sold to a US-based investment group in a deal said to be worth 1.2 billion Australian dollars. “We are honored to continue the vision and dedication of the Oatley family has built in the center of the iconic Great Barrier Reef,” said a senior representative. The Reported Acquisition Agreement The New York-headquartered, Blackstone – the owner of the hospitality group Crown Resorts – announced it had entered into an agreement to acquire the island resort from the Oatley family, pending customary approvals from regulators. The family released a statement saying they were pleased with the change in ownership of an island that holds a “unique position in the affections of countless Australians” and is referred to as “Australia’s Tropical Island”. Hamilton Island's Scale and Features Located roughly 900 kilometers north of Brisbane and about 500km south of Cairns, the island spans over 1,130 hectares spanning two separate islands. Approximately 30% of the land is built upon, featuring a substantial array of facilities: Five hotels More than 20 dining and drinking venues 20 retail outlets An 18-hole championship golf course on neighboring Dent Island A marina and a functioning airport The resort is described as a major job provider in the Whitsunday region, supporting a large on-island community and workforce, as well as a broad network of regional partners, suppliers, and area businesses. A Look Back at The Island's History The deceased billionaire Robert Oatley, a renowned sailor and vintner, originally purchased the resort for A$200 million in the year 2003 after spotting the island from the deck a yacht while sailing through the Whitsundays. Hamilton's development boom first began in the 1980s. In the decades before that, it was characterized by galvanised iron huts and more humble quarters that hosted domestic holidaymakers from the outback and from the south. Broader Portfolio and Regional Background The acquiring firm has ownership of luxury hotels and resorts in multiple nations, such as Japan, India, the Maldives, Sri Lanka, and the United States. The Whitsunday region is the ancestral territory of the Ngaro people. The name comes from Captain James Cook, who navigated the HMS Endeavour through the island group on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.