🔗 Share this article Hamilton Island, a Popular Tropical Getaway on the Great Barrier Reef, Reportedly Sold by US Private Equity Firm. A major resort island situated on the Great Barrier Reef has reportedly been sold to a US-based investment group for a sum reportedly valued at 1.2 billion Australian dollars. “It is an honor to build on the vision and dedication that the Oatley family has established in the center of the iconic Great Barrier Reef,” said a company executive. Details of the Acquisition Agreement Headquartered in New York, the investment firm Blackstone – which also owns the hospitality group Crown Resorts – confirmed it had signed an deal to purchase the island resort from the Oatley family owners, pending customary approvals from regulators. The sellers released a statement noting they were pleased with the new owners of an island that holds a “unique position in the affections of countless Australians” and is known as “Australia’s Tropical Island”. The Island's Scale and Features Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, the island covers more than 1,130 hectares across two islands. Roughly 30% of the land is built upon, including a significant range of amenities: Five hotels More than 20 restaurants and bars Twenty shops and retail spaces An championship 18-hole golf course on adjacent Dent Island A boat marina and a commercial airport The resort is described as a significant employer in the Whitsunday region, sustaining a large on-island community and staff, as well as a broad network of regional partners, vendors, and area businesses. A Look Back at The Island's History The late billionaire Robert Oatley, a renowned sailor and winemaker, first bought the resort for $200 million in the year 2003 after spying the island from the deck a yacht during a voyage through the Whitsunday passage. Hamilton's development boom initially started in the 1980s. In the decades before that, it was characterized by simple iron huts and modest accommodations that hosted domestic holidaymakers from the outback and southern states. Broader Portfolio and Regional Background Blackstone also owns hotels and luxury resorts in several nations, such as Japan, India, the Maldives, Sri Lanka, and the United States. The Whitsunday region is the ancestral territory of the Ngaro people. The name comes from Captain James Cook, who navigated the HMS Endeavour through the island group on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.