🔗 Share this article Hamilton Island, one of the Popular Tropical Getaway on the World Heritage Reef, Reportedly Set to be Sold by American Private Equity Firm. An iconic tropical holiday destination located within the World Heritage-listed Great Barrier Reef has reportedly been sold to a US-based investment group in a deal said to be worth A$1.2 billion. “It is an honor to build on the vision and dedication of the family owners has built in the heart of the World Heritage-listed Great Barrier Reef,” said a company executive. Details of the Acquisition Agreement Headquartered in New York, Blackstone – which also owns the casino-hotel chain Crown Resorts – confirmed it had entered into an agreement to acquire the Hamilton Island resort from the Oatley family, pending customary regulatory approvals. The family released a statement noting they welcomed the new owners of an island that holds a “special place in the hearts of many Australians” and is referred to as “Australia’s Tropical Island”. The Island's Scale and Features Positioned roughly 900 kilometers north of Brisbane and about 500km south of Cairns, Hamilton spans over 1,130 hectares spanning two separate islands. Approximately thirty percent of the land is built upon, including a significant array of facilities: Five separate hotels More than 20 dining and drinking venues 20 retail outlets An championship 18-hole golf course on adjacent Dent Island A boat marina and a commercial airport The resort is noted as a major job provider in the Whitsundays, sustaining a large on-island community and workforce, as well as a wide network of local partners, vendors, 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 $200 million in 2003 after spotting the island from the deck a yacht during a voyage through the Whitsunday passage. The island's major development phase initially started in the 1980s. For decades prior that, it was home to galvanised iron huts and modest accommodations that hosted domestic holidaymakers from inland areas and from the south. The Buyer's Other Holdings and Regional Background Blackstone also owns hotels and luxury resorts in multiple nations, including Japan, India, the Maldives, Sri Lanka, and the United States. The area is the ancestral territory of the Ngaro people. Its name derives from Captain James Cook, who navigated the HMS Endeavour through the island group on Sunday 3 June 1770, which was Whit Sunday.