🔗 Share this article Hamilton Island, one of the Iconic Tropical Holiday Destination on the Great Barrier Reef, Reportedly Sold by US Private Equity Firm. A major resort island located on the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a US-based private equity firm in a deal said to be worth A$1.2 billion. “We are honored to continue the legacy and commitment of the family owners has established in the center of the World Heritage-listed Great Barrier Reef,” stated a company executive. The Reported Acquisition Agreement Headquartered in New York, Blackstone – the owner of the hospitality group Crown Resorts – announced it had entered into an deal to purchase the Hamilton Island resort from the Oatley family owners, pending customary approvals from regulators. The family released a statement noting they welcomed the change in ownership of an island that holds a “special place in the affections of countless Australians” and is known as “Australia’s Tropical Island”. Hamilton Island's Size and Amenities Located almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton spans more than 1,130 hectares spanning two separate islands. Approximately 30% of the area is built upon, featuring a substantial range of facilities: Five hotels More than 20 dining and drinking venues Twenty shops and retail spaces An 18-hole championship golf course on neighboring Dent Island A marina and a commercial airport Hamilton Island is noted as a major job provider in the Whitsundays, sustaining a sizable resident community and workforce, as well as a broad network of local partners, suppliers, and local businesses. Historical Context at Ownership The late billionaire Robert Oatley, a renowned yachtsman and vintner, originally purchased the resort for $200 million in the year 2003 after spotting the island from aboard a yacht during a voyage through the Whitsundays. Hamilton's major development phase first began in the 1980s. For decades prior that, it was characterized by simple 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, including 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 Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.