🔗 Share this article Hamilton Island, a Popular Queensland Getaway on the Great Barrier Reef, Reportedly Set to be Sold by American Private Equity Firm. An iconic resort island situated on the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a American private equity firm for a sum reportedly valued at A$1.2 billion. “We are honored to build on the legacy and commitment of the family owners has built in the center of the World Heritage-listed Great Barrier Reef,” stated a company executive. Details of the Sale The New York-headquartered, Blackstone – the owner of the hospitality group Crown Resorts – confirmed it had entered into an deal to purchase the island resort from the Oatley family owners, pending standard regulatory approvals. The family issued a comment 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”. The 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 30% of the area is built upon, including a significant range of facilities: Five hotels Over twenty restaurants and bars Twenty shops and retail spaces An 18-hole championship golf course on adjacent Dent Island A boat marina and a commercial airport The resort is described as a major job provider in the Whitsunday region, sustaining a sizable resident community and staff, as well as a broad network of local partners, vendors, and area businesses. A Look Back at The Island's History The late billionaire Robert Oatley, a renowned sailor and vintner, first bought the resort for A$200 million in the year 2003 after spotting the island from the deck a yacht during a voyage through the Whitsundays. The island's major development phase first began in the 1980s. For decades prior that, it was characterized by galvanised iron huts and more humble quarters that housed Australian vacationers from inland areas and southern states. Broader Portfolio and Local Heritage Blackstone also owns luxury hotels and resorts in multiple countries, such as Japan, India, the Maldives, Sri Lanka, and the United States. The Whitsunday region is the ancestral territory of the Ngaro people. Its name comes from Captain James Cook, who sailed the HMS Endeavour through the archipelago on June 3, 1770, which was Whit Sunday.