🔗 Share this article The Hamilton Island Resort, one of the Iconic Tropical Holiday Destination on the World Heritage Reef, Reportedly Set to be Sold by American Investment Giant. A major tropical holiday destination located within the 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. “It is an honor 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 company executive. The Reported Sale The New York-headquartered, Blackstone – which also owns the hospitality group Crown Resorts – announced it had entered into an deal to purchase the island resort from the Oatley family, pending standard approvals from regulators. The sellers issued a comment noting they were pleased with the change in ownership of an island that holds a “special place in the affections of countless Australians” and is referred to as “Australia’s Tropical Island”. The Island's Scale and Features Located almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, the island spans over 1,130 hectares spanning two separate islands. Roughly 30% of the land is developed, including a substantial range of facilities: Five hotels Over twenty dining and drinking venues 20 retail outlets An 18-hole championship golf course on neighboring Dent Island A boat marina and a commercial airport The resort is described as a significant employer in the Whitsundays, sustaining a sizable resident community and staff, as well as a wide network of regional partners, vendors, and local businesses. A Look Back at Ownership The deceased Robert Oatley, a well-known sailor and vintner, first bought the resort for $200 million in the year 2003 after spotting the island from aboard a yacht while sailing through the Whitsunday passage. Hamilton's development boom 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 inland areas and from the south. The Buyer's Other Holdings and Local Heritage The acquiring firm also owns luxury hotels and 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 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.