🔗 Share this article Hamilton Island, one of the Iconic Tropical Holiday Destination on the World Heritage Reef, Reportedly Set to be Sold by US Investment Giant. An iconic resort island located on the Great Barrier Reef has entered into an agreement for sale to a US-based private equity firm in a deal reportedly valued at 1.2 billion Australian dollars. “We are honored to continue the vision and dedication that the family owners has established in the center of the World Heritage-listed Great Barrier Reef,” stated a company executive. Details of the Acquisition Agreement The New York-headquartered, Blackstone – which also owns the hospitality group Crown Resorts – announced it had signed an agreement to acquire the island resort from the Oatley family, pending standard regulatory approvals. The family issued a comment saying they were pleased with the change in ownership of an island that holds a “special place in the affections of countless Australians” and is known as “Australia’s Tropical Island”. The Island's Scale and Features Located almost 900km north of Brisbane and about 500km south of Cairns, the island spans over 1,130 hectares across two islands. Roughly 30% of the area is developed, including a substantial array of facilities: Five separate hotels More than 20 restaurants and bars 20 retail outlets An 18-hole championship golf course on adjacent Dent Island A marina and a functioning airport Hamilton Island is noted as a significant employer in the Whitsundays, supporting a large on-island community and staff, as well as a broad network of local partners, vendors, and area businesses. Historical Context at Ownership The deceased Robert Oatley, a renowned sailor and vintner, first bought the resort for $200 million in the year 2003 after spying the island from the deck a yacht while sailing through the Whitsunday passage. Hamilton's major development phase first began in the 1980s. For decades prior that, it was characterized by galvanised iron huts and more humble quarters that hosted Australian vacationers from inland areas and from the south. Broader Portfolio and Local Heritage The acquiring firm also owns hotels and luxury 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. Its name comes from Captain James Cook, who sailed the HMS Endeavour through the archipelago on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.