🔗 Share this article The Hamilton Island Resort, a Popular Queensland Getaway on the Great Barrier Reef, Reportedly Set to be Sold by American Private Equity Firm. A major resort island located within the World Heritage-listed Great Barrier Reef has reportedly been sold to a American investment group in a deal reportedly valued at 1.2 billion Australian dollars. “We are honored to build on the vision and dedication of the Oatley family has built in the heart of the iconic Great Barrier Reef,” said a senior representative. The Reported Acquisition Agreement The New York-headquartered, Blackstone – which also owns the casino-hotel chain Crown Resorts – announced it had signed an agreement to acquire the Hamilton Island resort from the Oatley family, pending customary regulatory approvals. The family issued a comment saying they welcomed the new owners 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 spans over 1,130 hectares across two islands. Approximately thirty percent of the land is built upon, including a significant array of facilities: Five separate hotels Over twenty dining and drinking venues 20 retail outlets An championship 18-hole golf course on neighboring Dent Island A boat marina and a commercial airport The resort is noted as a significant employer in the Whitsundays, supporting a sizable resident community and workforce, as well as a broad network of regional partners, suppliers, and area businesses. A Look Back at The Island's History The late Robert Oatley, a well-known sailor and vintner, first bought the resort for A$200 million in the year 2003 after spying 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 simple iron huts and modest accommodations that housed Australian vacationers from the outback and from the south. The Buyer's Other Holdings and Local Heritage Blackstone also owns luxury hotels and resorts in several countries, including Japan, India, the Maldives, Sri Lanka, and the United States. The area is the ancestral territory of the Ngaro people. The name derives from Captain James Cook, who sailed the Endeavour through the archipelago on Sunday 3 June 1770, which was Whit Sunday.