🔗 Share this article Hamilton Island, one of the Iconic Queensland Holiday Destination on the Great Barrier Reef, Reportedly Acquired by American Private Equity Firm. An iconic tropical holiday destination located on the World Heritage-listed Great Barrier Reef has reportedly been sold to a US-based private equity firm for a sum said to be worth A$1.2 billion. “It is an honor to build on the legacy and commitment that the family owners has established in the heart of the iconic Great Barrier Reef,” said a company executive. Details of the Sale The New York-headquartered, Blackstone – the owner of the casino-hotel chain Crown Resorts – confirmed it had signed an deal to purchase the island resort from the Oatley family, pending customary approvals from regulators. The sellers released a statement saying they welcomed the change in ownership of an island that holds a “special place in the hearts of many Australians” and is known as “Australia’s Tropical Island”. Hamilton Island's Size and Amenities Located almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, the island covers more than 1,130 hectares across two islands. Approximately 30% of the area is built upon, featuring a substantial range of amenities: Five separate hotels Over twenty restaurants and bars Twenty shops and retail spaces An 18-hole championship golf course on adjacent Dent Island A marina and a functioning airport The resort is described as a significant employer in the Whitsunday region, supporting a sizable resident community and workforce, as well as a broad network of regional partners, vendors, and local businesses. Historical Context at The Island's History The deceased Robert Oatley, a renowned yachtsman and vintner, first bought the resort for $200 million in 2003 after spying the island from the deck a yacht during a voyage through the Whitsundays. Hamilton's development boom first began in the 1980s. In the decades before that, it was home to galvanised iron huts and modest accommodations that housed domestic holidaymakers from inland areas and from the south. Broader Portfolio and Local Heritage The acquiring firm also owns hotels and luxury resorts in several countries, such as Japan, India, the Maldives, Sri Lanka, and the United States. The area is the traditional lands and seas of the Ngaro Indigenous people. The name derives from Captain James Cook, who sailed the HMS Endeavour through the archipelago on June 3, 1770, which was the Christian holiday of Whit Sunday.