🔗 Share this article The Hamilton Island Resort, a Iconic Queensland Holiday Destination on the World Heritage Reef, Reportedly Set to be Sold by US Investment Giant. A major 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. “We are honored to build on the vision and dedication of the Oatley family has established in the heart of the World Heritage-listed Great Barrier Reef,” said a senior representative. Details of the Acquisition Agreement Headquartered in New York, the investment firm Blackstone – the owner of the hospitality group Crown Resorts – announced it had entered into an deal to purchase the island resort from the Oatley family owners, subject to customary approvals from regulators. The family issued a comment noting they welcomed the new owners of an island that holds a “special place in the hearts of many Australians” and is known as “Australia’s Tropical Island”. Hamilton Island's Scale and Features Located roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, the island spans over 1,130 hectares across two islands. Roughly 30% of the area is developed, including a substantial range of amenities: Five hotels More than 20 dining and drinking venues Twenty shops and retail spaces An championship 18-hole golf course on adjacent Dent Island A boat marina and a functioning airport The resort is noted as a major job provider in the Whitsundays, sustaining a large on-island community and staff, as well as a wide network of local partners, suppliers, and area businesses. Historical Context at Ownership The deceased Robert Oatley, a renowned yachtsman and winemaker, first bought the resort for $200 million in 2003 after spying the island from the deck a yacht while sailing through the Whitsunday passage. Hamilton's development boom first began in the 1980s. For decades prior that, it was home to galvanised iron huts and more humble quarters that housed Australian vacationers from the outback and southern states. Broader Portfolio and Regional Background The acquiring firm has ownership of hotels and luxury resorts in several countries, such as Japan, India, the Maldives, Sri Lanka, and the United States. The area is the ancestral territory of the Ngaro people. Its name derives from Captain James Cook, who navigated the HMS Endeavour through the island group on June 3, 1770, which was Whit Sunday.