🔗 Share this article Hamilton Island, a Popular Tropical Getaway on the Great Barrier Reef, Reportedly Set to be Sold by American Private Equity Firm. An iconic tropical holiday destination situated on the Great Barrier Reef has entered into an agreement for sale to a US-based investment group for a sum said to be worth A$1.2 billion. “We are honored to continue the legacy and commitment that the family owners has established in the heart of the World Heritage-listed Great Barrier Reef,” stated a senior representative. The Reported Acquisition Agreement Headquartered in New York, Blackstone – which also owns the casino-hotel chain Crown Resorts – announced it had signed an agreement to acquire the island resort from the Oatley family, subject to standard approvals from regulators. The sellers released a statement saying they were pleased with the change in ownership of an island that holds a “special place in the affections of many Australians” and is known as “Australia’s Tropical Island”. Hamilton Island's Scale and Features Positioned almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton covers over 1,130 hectares spanning two separate islands. Approximately 30% of the land is built upon, including a significant array of facilities: Five hotels Over twenty dining and drinking venues 20 retail outlets An 18-hole championship golf course on neighboring Dent Island A marina and a commercial airport The resort is described as a major job provider in the Whitsunday region, supporting a large on-island community and staff, as well as a wide network of regional partners, suppliers, and local businesses. A Look Back at The Island's History The late billionaire Robert Oatley, a well-known sailor and winemaker, originally purchased the resort for $200 million in the year 2003 after spotting the island from the deck a yacht during a voyage through the Whitsundays. The island's development boom first began in the 1980s. For decades prior that, it was home to simple iron huts and more humble quarters that hosted domestic holidaymakers from inland areas and southern states. Broader Portfolio and Regional Background The acquiring firm has ownership of hotels and luxury resorts in several countries, 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 derives from Captain James Cook, who navigated the HMS Endeavour through the archipelago on June 3, 1770, which was the Christian holiday of Whit Sunday.