🔗 Share this article Hamilton Island, one of the Popular Tropical Getaway on the World Heritage Reef, Reportedly Set to be Sold by US Private Equity Firm. A major resort island located on the World Heritage-listed Great Barrier Reef has reportedly been sold to a American private equity firm for a sum reportedly valued at A$1.2 billion. “It is an honor to continue the vision and dedication of the Oatley family has built in the heart of the World Heritage-listed Great Barrier Reef,” said a company executive. Details of the Acquisition Agreement Headquartered in New York, Blackstone – the owner of the casino-hotel chain Crown Resorts – confirmed it had entered into an agreement to acquire the Hamilton Island resort from the Oatley family, subject to standard regulatory approvals. The sellers issued a comment saying they were pleased with the change in ownership of an island that holds a “special place in the hearts of countless Australians” and is referred to as “Australia’s Tropical Island”. The Island's Size and Amenities Positioned roughly 900 kilometers north of Brisbane and about 500km south of Cairns, the island covers over 1,130 hectares spanning two separate islands. Roughly thirty percent of the area is developed, featuring a substantial range of facilities: Five separate hotels Over twenty dining and drinking venues 20 retail outlets An championship 18-hole golf course on adjacent Dent Island A marina and a commercial airport Hamilton Island is noted as a major job provider in the Whitsundays, supporting a sizable resident community and staff, as well as a broad network of local partners, vendors, and local businesses. Historical Context at Ownership The late Robert Oatley, a well-known sailor and winemaker, originally purchased the resort for $200 million in 2003 after spying the island from the deck a yacht during a voyage through the Whitsunday passage. The island's development boom initially started in the 1980s. For decades prior 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 Regional Background The acquiring firm 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 traditional lands and seas of the Ngaro Indigenous people. Its name comes from Captain James Cook, who navigated the Endeavour through the island group on June 3, 1770, which was Whit Sunday.