🔗 Share this article Hamilton Island, a Iconic Tropical Holiday Destination on the World Heritage Reef, Reportedly Set to be Sold by US Private Equity Firm. A major tropical holiday destination situated on the Great Barrier Reef has entered into an agreement for sale to a American private equity firm for a sum reportedly valued at A$1.2 billion. “We are honored to build on the vision and dedication of the family owners has built in the heart of the iconic Great Barrier Reef,” stated a senior representative. Details of the Acquisition Agreement Headquartered in New York, Blackstone – which also owns the hospitality group Crown Resorts – confirmed it had signed an deal to purchase the Hamilton Island resort from the Oatley family owners, subject to customary approvals from regulators. The sellers issued a comment noting they welcomed the new owners of an island that holds a “special place in the affections of countless Australians” and is referred to as “Australia’s Tropical Island”. Hamilton Island's Scale and Features Located almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton spans over 1,130 hectares spanning two separate islands. Roughly 30% of the land is built upon, featuring a substantial array of amenities: Five separate hotels Over twenty dining and drinking venues Twenty shops and retail spaces 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 Whitsunday region, supporting a sizable resident 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 yachtsman and winemaker, originally purchased the resort for $200 million in the year 2003 after spying the island from aboard a yacht while sailing 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 hosted domestic holidaymakers from the outback and from the south. Broader Portfolio and Regional Background Blackstone also owns hotels and luxury resorts in several countries, including Japan, India, the Maldives, Sri Lanka, and the United States. The Whitsunday region is the traditional lands and seas of the Ngaro Indigenous people. The name comes from Captain James Cook, who navigated the Endeavour through the island group on Sunday 3 June 1770, which was Whit Sunday.