🔗 Share this article Hamilton Island, one of the Iconic Tropical Getaway on the World Heritage Reef, Reportedly Set to be Sold by US Private Equity Firm. An iconic resort island situated within the Great Barrier Reef has reportedly been sold to a US-based private equity firm in a deal said to be worth A$1.2 billion. “It is an honor to build on the vision and dedication that the Oatley family has built in the center of the World Heritage-listed Great Barrier Reef,” stated a company executive. The Reported Acquisition Agreement The New York-headquartered, the investment firm Blackstone – which also owns the casino-hotel chain Crown Resorts – confirmed it had signed an agreement to acquire the Hamilton Island resort from the Oatley family owners, pending customary regulatory approvals. The sellers released a statement saying they were pleased with the change in ownership of an island that holds a “unique position in the affections of countless Australians” and is referred to as “Australia’s Tropical Island”. The Island's Scale and Features Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, the island covers over 1,130 hectares across two islands. Roughly 30% of the land is developed, including a substantial range of facilities: Five separate hotels More than 20 restaurants and bars Twenty shops and retail spaces An championship 18-hole golf course on adjacent 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 staff, as well as a wide network of local partners, suppliers, and local businesses. Historical Context at The Island's History The deceased Robert Oatley, a well-known yachtsman and vintner, first bought the resort for $200 million in 2003 after spying the island from aboard a yacht while sailing through the Whitsundays. Hamilton's major development phase first began in the 1980s. In the decades before that, it was characterized by galvanised iron huts and more humble quarters that hosted Australian vacationers from inland areas and southern states. The Buyer's Other Holdings and Local Heritage The acquiring firm has ownership of luxury hotels and resorts in several nations, including Japan, India, the Maldives, Sri Lanka, and the United States. The Whitsunday region is the traditional lands and seas of the Ngaro people. The name derives from Captain James Cook, who navigated the HMS Endeavour through the island group on June 3, 1770, which was the Christian holiday of Whit Sunday.