🔗 Share this article Hamilton Island, a Iconic Queensland Holiday Destination on the World Heritage Reef, Reportedly Acquired by American Investment Giant. An iconic resort island located within the Great Barrier Reef has reportedly been sold to a American private equity firm in a deal reportedly valued at A$1.2 billion. “It is an honor to build on the legacy and commitment of the Oatley family has established in the heart of the iconic Great Barrier Reef,” stated a senior representative. Details of the Acquisition Agreement The New York-headquartered, 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, subject to customary regulatory approvals. The sellers released a statement noting they welcomed the new owners of an island that holds a “unique position in the affections of many Australians” and is referred to as “Australia’s Tropical Island”. Hamilton Island's Scale and Features Located almost 900km north of Brisbane and about 500km south of Cairns, Hamilton covers over 1,130 hectares spanning two separate islands. Roughly 30% of the area is developed, featuring a significant array of amenities: Five hotels Over twenty dining and drinking venues Twenty shops and retail spaces An championship 18-hole golf course on neighboring Dent Island A boat marina and a functioning airport The resort is noted as a significant employer in the Whitsundays, sustaining a sizable resident community and workforce, as well as a wide network of regional partners, vendors, and local businesses. A Look Back at Ownership The late Robert Oatley, a renowned sailor and winemaker, first bought the resort for $200 million in the year 2003 after spotting the island from aboard a yacht during a voyage through the Whitsundays. The island's major development phase initially started in the 1980s. In the decades before that, it was home to galvanised iron huts and more humble quarters that housed domestic holidaymakers from inland areas and from the south. Broader Portfolio and Local Heritage The acquiring firm has ownership of luxury hotels and resorts in multiple nations, such as 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 archipelago on Sunday 3 June 1770, which was Whit Sunday.