🔗 Share this article Hamilton Island, one of the Iconic Tropical Getaway on the World Heritage Reef, Reportedly Sold by American Investment Giant. A major resort island located within the Great Barrier Reef has entered into an agreement for sale to a US-based private equity firm for a sum 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 heart of the World Heritage-listed Great Barrier Reef,” stated a senior representative. Details of the Sale Headquartered in New York, Blackstone – which also owns the casino-hotel chain Crown Resorts – announced it had entered into an deal to purchase the island resort from the Oatley family, pending standard regulatory approvals. The family released a statement saying 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”. Hamilton Island's Scale and Features Located almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, the island covers more than 1,130 hectares spanning two separate islands. Roughly thirty percent of the land is built upon, featuring a substantial range of facilities: Five separate hotels More than 20 dining and drinking venues 20 retail outlets An championship 18-hole golf course on neighboring Dent Island A marina and a commercial airport The resort is noted as a significant employer in the Whitsundays, sustaining a large on-island community and workforce, as well as a broad network of local partners, suppliers, and local businesses. Historical Context at Ownership The deceased Robert Oatley, a renowned yachtsman and vintner, originally purchased the resort for $200 million in the year 2003 after spying the island from aboard a yacht during a voyage through the Whitsundays. The island's major development phase initially started in the 1980s. For decades prior that, it was home to simple iron huts and more humble quarters that housed Australian vacationers from inland areas and southern states. The Buyer's Other Holdings and Local Heritage The acquiring firm has ownership of hotels and luxury resorts in several 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 derives from Captain James Cook, who navigated the Endeavour through the island group on June 3, 1770, which was Whit Sunday.