🔗 Share this article The Hamilton Island Resort, a Iconic Tropical Holiday Destination on the Great Barrier Reef, Reportedly Set to be Acquired by US Investment Giant. A major tropical holiday destination situated on the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a American private equity firm in a deal reportedly valued at 1.2 billion Australian dollars. “It is an honor to build on the legacy and commitment that the Oatley family has built in the center of the iconic Great Barrier Reef,” stated a company executive. Details of the Sale Headquartered in New York, Blackstone – which also owns the casino-hotel chain Crown Resorts – confirmed it had signed an agreement to acquire the Hamilton Island resort from the Oatley family owners, subject to customary approvals from regulators. The family issued a comment noting they were pleased with the change in ownership of an island that holds a “unique position in the affections of countless Australians” and is referred to 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 spanning two separate islands. Roughly thirty percent of the land is built upon, including a significant range of facilities: Five separate hotels More than 20 dining and drinking venues 20 retail outlets An championship 18-hole golf course on adjacent Dent Island A marina and a commercial airport The resort is noted as a significant employer in the Whitsunday region, sustaining a large on-island community and workforce, as well as a broad network of regional partners, suppliers, and local businesses. Historical Context at The Island's History The deceased Robert Oatley, a well-known yachtsman and winemaker, first bought the resort for $200 million in the year 2003 after spotting the island from the deck a yacht during a voyage through the Whitsunday passage. Hamilton's major development phase initially started in the 1980s. In the decades before that, it was characterized by simple iron huts and more humble quarters that hosted Australian vacationers from inland areas and southern states. The Buyer's Other Holdings and Regional Background Blackstone has ownership of hotels and luxury resorts in several nations, 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. The name comes from Captain James Cook, who navigated the HMS Endeavour through the archipelago on Sunday 3 June 1770, which was Whit Sunday.