🔗 Share this article Hamilton Island, one of the Iconic Tropical Getaway on the World Heritage Reef, Reportedly Set to be Sold by US Investment Giant. A major tropical holiday destination situated 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 A$1.2 billion. “It is an honor to continue the legacy and commitment that the family owners has established in the center of the World Heritage-listed Great Barrier Reef,” stated a senior representative. The Reported Acquisition Agreement The New York-headquartered, Blackstone – which also owns the casino-hotel chain Crown Resorts – confirmed it had entered into an agreement to acquire the island resort from the Oatley family owners, subject to standard regulatory approvals. The family issued a comment noting they welcomed the new owners 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 Size and Amenities Positioned roughly 900 kilometers north of Brisbane and about 500km south of Cairns, the island covers over 1,130 hectares spanning two separate islands. Approximately thirty percent of the area is built upon, including a substantial range of amenities: Five hotels More than 20 dining and drinking venues Twenty shops and retail spaces An championship 18-hole golf course on adjacent Dent Island A marina and a commercial airport The resort is noted as a major job provider in the Whitsunday region, supporting a large on-island community and staff, as well as a wide network of local partners, vendors, and area businesses. Historical Context at The Island's History The deceased Robert Oatley, a renowned sailor and vintner, first bought the resort for $200 million in 2003 after spying the island from the deck a yacht while sailing through the Whitsundays. Hamilton's development boom first began in the 1980s. For decades prior that, it was characterized by simple iron huts and modest accommodations that hosted Australian vacationers from the outback and from the south. The Buyer's Other Holdings and Local Heritage Blackstone has ownership of hotels and luxury resorts in multiple nations, including Japan, India, the Maldives, Sri Lanka, and the United States. The area is the traditional lands and seas of the Ngaro Indigenous people. Its name comes from Captain James Cook, who sailed the HMS Endeavour through the island group on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.