🔗 Share this article Hamilton Island, a Iconic Tropical Holiday Destination on the World Heritage Reef, Reportedly Sold by US Private Equity Firm. A major resort island situated on the 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 build on the legacy and commitment of the Oatley family has established in the heart of the World Heritage-listed Great Barrier Reef,” said a company executive. The Reported Acquisition Agreement The New York-headquartered, Blackstone – which also owns the casino-hotel chain Crown Resorts – confirmed it had signed an deal to purchase the island resort from the Oatley family owners, pending customary approvals from regulators. The sellers issued a comment noting they were pleased with the new owners of an island that holds a “unique position in the affections of many Australians” and is known as “Australia’s Tropical Island”. The Island's Size and Amenities Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton covers over 1,130 hectares across two islands. Approximately 30% of the area is built upon, featuring a significant range of facilities: Five separate hotels Over twenty dining and drinking venues Twenty shops and retail spaces An 18-hole championship golf course on neighboring Dent Island A marina and a functioning airport Hamilton Island is described as a significant employer in the Whitsundays, supporting a sizable resident community and workforce, as well as a wide network of regional partners, vendors, and area businesses. Historical Context at Ownership The deceased billionaire Robert Oatley, a renowned sailor and vintner, first bought the resort for A$200 million in 2003 after spying the island from the deck a yacht during a voyage through the Whitsunday passage. The island's development boom first began in the 1980s. For decades prior that, it was home to galvanised iron huts and modest accommodations that hosted Australian vacationers from inland areas and from the south. Broader Portfolio and Local Heritage The acquiring firm also owns luxury hotels and resorts in several nations, including Japan, India, the Maldives, Sri Lanka, and the United States. The Whitsunday region is the ancestral territory of the Ngaro people. Its name derives from Captain James Cook, who sailed the Endeavour through the island group on June 3, 1770, which was Whit Sunday.