🔗 Share this article Hamilton Island, a Popular Tropical Getaway on the World Heritage Reef, Reportedly Set to be Acquired by American Private Equity Firm. An iconic tropical holiday destination situated within the World Heritage-listed Great Barrier Reef has reportedly been sold to a US-based private equity firm for a sum reportedly valued at 1.2 billion Australian dollars. “It is an honor to continue the legacy and commitment of the Oatley family has established in the center of the World Heritage-listed Great Barrier Reef,” said a company executive. The Reported Sale The New York-headquartered, the investment firm Blackstone – the owner of the casino-hotel chain Crown Resorts – announced it had signed an deal to purchase the Hamilton Island resort from the Oatley family owners, pending standard approvals from regulators. The sellers released a statement noting they were pleased with the change in ownership of an island that holds a “unique position in the hearts of many Australians” and is referred to as “Australia’s Tropical Island”. The Island's Size and Amenities Positioned almost 900km north of Brisbane and about 500km south of Cairns, the island spans over 1,130 hectares across two islands. Roughly thirty percent of the area is developed, featuring a substantial range of facilities: Five hotels More than 20 dining and drinking venues 20 retail outlets An 18-hole championship golf course on neighboring Dent Island A marina and a functioning airport The resort is noted as a major job provider in the Whitsundays, sustaining a sizable resident community and staff, as well as a broad network of local partners, vendors, and area businesses. Historical Context at Ownership The deceased billionaire Robert Oatley, a well-known sailor and vintner, originally purchased the resort for $200 million in the year 2003 after spotting the island from the deck a yacht while sailing through the Whitsundays. Hamilton's major development phase 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 southern states. Broader Portfolio and Regional Background Blackstone has ownership of luxury hotels and 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. Its name derives from Captain James Cook, who navigated the Endeavour through the island group on June 3, 1770, which was Whit Sunday.