🔗 Share this article Hamilton Island, a Iconic Queensland Getaway on the World Heritage Reef, Reportedly Acquired by American Investment Giant. An iconic tropical holiday destination situated on the Great Barrier Reef has entered into an agreement for sale to a US-based private equity firm for a sum reportedly valued at 1.2 billion Australian dollars. “It is an honor to continue the vision and dedication that the Oatley family has built in the center of the iconic Great Barrier Reef,” stated a company executive. The Reported Acquisition Agreement Headquartered in New York, the investment firm Blackstone – the owner of the casino-hotel chain Crown Resorts – announced it had entered into an deal to purchase the Hamilton Island resort from the Oatley family, pending standard regulatory approvals. The family issued a comment noting they welcomed 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”. Hamilton Island's Scale and Features Located almost 900km north of Brisbane and about 500km south of Cairns, Hamilton covers more than 1,130 hectares across two islands. Approximately thirty percent of the land is developed, featuring a significant range of facilities: Five separate hotels More than 20 dining and drinking venues 20 retail outlets An 18-hole championship golf course on neighboring Dent Island A marina and a commercial airport The resort is described as a major job provider in the Whitsundays, sustaining a sizable resident community and staff, as well as a wide network of regional partners, vendors, and local businesses. Historical Context at The Island's History The late billionaire Robert Oatley, a well-known sailor and vintner, originally purchased the resort for A$200 million in the year 2003 after spying the island from the deck a yacht during a voyage through the Whitsundays. Hamilton's development boom initially started in the 1980s. In the decades before that, it was home to simple iron huts and more humble quarters that housed domestic holidaymakers from the outback and from the south. The Buyer's Other Holdings and Regional Background Blackstone has ownership of hotels and luxury resorts in several countries, including Japan, India, the Maldives, Sri Lanka, and the United States. The Whitsunday region is the traditional lands and seas of the Ngaro Indigenous people. The name derives from Captain James Cook, who sailed the HMS Endeavour through the island group on Sunday 3 June 1770, which was Whit Sunday.