🔗 Share this article Hamilton Island, a Iconic Queensland Holiday Destination on the Great Barrier Reef, Reportedly Set to be Sold by US Investment Giant. A major resort island situated within the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a American private equity firm for a sum said to be worth 1.2 billion Australian dollars. “We are honored to build on the vision and dedication of the family owners has built in the heart of the iconic Great Barrier Reef,” stated a company executive. The Reported Sale Headquartered in New York, the investment firm Blackstone – which also owns the casino-hotel chain Crown Resorts – confirmed it had signed an deal to purchase the Hamilton Island resort from the Oatley family, pending customary regulatory approvals. The family issued a comment saying they were pleased with the new owners of an island that holds a “unique position in the hearts of countless Australians” and is referred to as “Australia’s Tropical Island”. The Island's Size and Amenities Located almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton covers more than 1,130 hectares spanning two separate islands. Approximately 30% of the area is developed, featuring a significant array of amenities: Five separate hotels Over twenty dining and drinking venues Twenty shops and retail spaces An championship 18-hole golf course on neighboring Dent Island A marina and a functioning airport The resort is described as a major job provider in the Whitsundays, sustaining a large on-island community and staff, as well as a broad network of regional partners, vendors, and area businesses. Historical Context at Ownership The late Robert Oatley, a well-known yachtsman and vintner, originally purchased the resort for $200 million in 2003 after spying the island from aboard a yacht while sailing through the Whitsundays. The island's major development phase initially started in the 1980s. In the decades before that, it was home to galvanised iron huts and more humble quarters that housed Australian vacationers from the outback and from the south. The Buyer's Other Holdings and Local Heritage The acquiring firm has ownership of luxury hotels and resorts in several nations, including Japan, India, the Maldives, Sri Lanka, and the United States. The Whitsunday region is the ancestral territory of the Ngaro Indigenous people. Its name derives from Captain James Cook, who sailed the Endeavour through the archipelago on June 3, 1770, which was the Christian holiday of Whit Sunday.