🔗 Share this article Hamilton Island, a Iconic Queensland Getaway on the World Heritage Reef, Reportedly Set to be Acquired by US Private Equity Firm. A major tropical holiday destination situated within the World Heritage-listed Great Barrier Reef has entered into an agreement for sale 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 of the family owners has built in the center of the iconic Great Barrier Reef,” stated a senior representative. Details of the Acquisition Agreement The New York-headquartered, Blackstone – which also owns the hospitality group Crown Resorts – announced it had entered into an deal to purchase the island resort from the Oatley family, subject to customary approvals from regulators. The family issued a comment noting they welcomed the change in ownership of an island that holds a “special place in the affections of many 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, the island covers over 1,130 hectares spanning two separate islands. Roughly 30% of the area is developed, featuring a significant range of facilities: Five hotels Over twenty dining and drinking venues 20 retail outlets An 18-hole championship golf course on adjacent Dent Island A marina and a commercial airport Hamilton Island is noted as a significant employer in the Whitsundays, sustaining a large on-island community and workforce, as well as a wide network of regional partners, vendors, and local businesses. A Look Back at Ownership The late billionaire Robert Oatley, a renowned yachtsman and winemaker, originally purchased the resort for A$200 million in the year 2003 after spotting the island from aboard a yacht during a voyage 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 modest accommodations that housed Australian vacationers from the outback and from the south. Broader Portfolio and Local Heritage The acquiring firm also owns luxury hotels and resorts in multiple nations, including Japan, India, the Maldives, Sri Lanka, and the United States. The area is the traditional lands and seas of the Ngaro people. The name comes from Captain James Cook, who navigated the Endeavour through the island group on June 3, 1770, which was Whit Sunday.