🔗 Share this article Hamilton Island, one of the Iconic Tropical Getaway on the Great Barrier Reef, Reportedly Set to be Sold 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 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 family owners has established in the center of the World Heritage-listed Great Barrier Reef,” stated a senior representative. Details of the Sale Headquartered in New York, Blackstone – which also owns the casino-hotel chain Crown Resorts – confirmed it had signed an deal to purchase the island resort from the Oatley family owners, pending customary regulatory approvals. The family issued a comment noting 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 Scale and Features Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton covers over 1,130 hectares across two islands. Roughly 30% of the area is built upon, featuring a significant array of facilities: Five hotels More than 20 restaurants and bars 20 retail outlets An 18-hole championship golf course on adjacent Dent Island A boat marina and a commercial airport The resort is noted as a significant employer in the Whitsundays, sustaining a sizable resident community and workforce, as well as a wide network of regional partners, vendors, and area businesses. A Look Back at The Island's History The late billionaire Robert Oatley, a renowned yachtsman and winemaker, originally purchased the resort for $200 million in 2003 after spying the island from aboard a yacht during a voyage through the Whitsundays. The island's development boom first began in the 1980s. In the decades before that, it was home to galvanised iron huts and more humble quarters that hosted Australian vacationers from inland areas and from the south. Broader Portfolio and Regional Background Blackstone has ownership of luxury hotels and resorts in multiple 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. Its name comes from Captain James Cook, who navigated the HMS Endeavour through the archipelago on June 3, 1770, which was the Christian holiday of Whit Sunday.