🔗 Share this article Hamilton Island, one of the Iconic Tropical Getaway on the Great Barrier Reef, Reportedly Set to be Acquired by US Private Equity Firm. A major resort island situated within the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a US-based private equity firm for a sum said to be worth A$1.2 billion. “We are honored to build on the legacy and commitment that the Oatley family has established in the heart of the World Heritage-listed Great Barrier Reef,” said a company executive. The Reported Sale Headquartered in New York, the investment firm Blackstone – the owner of the hospitality group Crown Resorts – confirmed it had signed an agreement to acquire the Hamilton Island resort from the Oatley family owners, subject to customary approvals from regulators. The sellers released a statement saying they welcomed the new owners of an island that holds a “unique position in the hearts of countless Australians” and is known as “Australia’s Tropical Island”. Hamilton Island's Size and Amenities Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, the island spans over 1,130 hectares spanning two separate islands. Roughly thirty percent of the land is built upon, featuring a substantial array of facilities: Five 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 commercial airport The resort is described as a major job provider in the Whitsundays, sustaining a large on-island community and workforce, as well as a wide network of regional partners, vendors, and area businesses. Historical Context at The Island's History The deceased Robert Oatley, a well-known sailor and winemaker, first bought the resort for A$200 million in 2003 after spying the island from the deck a yacht while sailing 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 modest accommodations that housed domestic holidaymakers from the outback and from the south. Broader Portfolio and Regional Background Blackstone also owns hotels and luxury resorts in several countries, such as Japan, India, the Maldives, Sri Lanka, and the United States. The area is the traditional lands and seas of the Ngaro Indigenous people. The name comes from Captain James Cook, who sailed the Endeavour through the island group on June 3, 1770, which was the Christian holiday of Whit Sunday.