🔗 Share this article Hamilton Island, a Popular Tropical Holiday Destination on the World Heritage Reef, Reportedly Set to be Acquired by American Investment Giant. An iconic tropical holiday destination located on the World Heritage-listed Great Barrier Reef has reportedly been sold to a US-based private equity firm in a deal said to be worth 1.2 billion Australian dollars. “We are honored to build on the legacy and commitment of the family owners has built in the center of the iconic Great Barrier Reef,” stated a senior representative. The Reported Sale The New York-headquartered, Blackstone – which also owns the hospitality group Crown Resorts – confirmed it had entered into an agreement to acquire the Hamilton Island resort from the Oatley family, subject to customary approvals from regulators. The sellers issued a comment noting they welcomed the change in ownership of an island that holds a “special place in the hearts of countless Australians” and is known as “Australia’s Tropical Island”. The Island's Size and Amenities Located roughly 900 kilometers north of Brisbane and about 500km south of Cairns, the island spans more than 1,130 hectares across two islands. Approximately 30% of the area is developed, including a substantial array of amenities: Five hotels Over twenty restaurants and bars 20 retail outlets An 18-hole championship golf course on adjacent Dent Island A marina and a commercial airport The resort is described as a significant employer in the Whitsundays, sustaining a large on-island community and staff, as well as a broad network of local partners, vendors, and local businesses. Historical Context at Ownership The deceased billionaire Robert Oatley, a well-known sailor and vintner, originally purchased the resort for A$200 million in the year 2003 after spotting the island from aboard a yacht during a voyage through the Whitsunday passage. Hamilton's development boom first began in the 1980s. In the decades before that, it was characterized by galvanised iron huts and more humble quarters that hosted domestic holidaymakers from the outback and from the south. The Buyer's Other Holdings and Local Heritage The acquiring firm also owns hotels and luxury resorts in multiple nations, 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 comes from Captain James Cook, who sailed the HMS Endeavour through the island group on June 3, 1770, which was the Christian holiday of Whit Sunday.