🔗 Share this article The Hamilton Island Resort, a Iconic Tropical Getaway on the World Heritage Reef, Reportedly Acquired by American Private Equity Firm. A major resort island situated on the Great Barrier Reef has reportedly been sold to a American investment group for a sum reportedly valued at A$1.2 billion. “We are honored to continue the vision and dedication that the family owners has established in the heart of the iconic Great Barrier Reef,” stated a senior representative. Details of the Acquisition Agreement The New York-headquartered, Blackstone – the owner of the hospitality group Crown Resorts – announced it had signed an deal to purchase the island resort from the Oatley family, pending customary regulatory approvals. The family issued a comment noting they were pleased with the new owners of an island that holds a “unique position in the affections of countless Australians” and is referred to as “Australia’s Tropical Island”. Hamilton Island's Size and Amenities Positioned almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, the island covers over 1,130 hectares spanning two separate islands. Roughly 30% of the land is developed, featuring a significant array of amenities: Five hotels Over twenty restaurants and bars 20 retail outlets An 18-hole championship golf course on neighboring Dent Island A marina and a commercial airport Hamilton Island is noted as a significant employer in the Whitsundays, sustaining a large on-island community and staff, as well as a wide network of local partners, suppliers, and area businesses. A Look Back at Ownership The deceased Robert Oatley, a renowned yachtsman and winemaker, originally purchased the resort for A$200 million in 2003 after spying the island from aboard a yacht while sailing through the Whitsundays. The island's development boom first began in the 1980s. For decades prior that, it was characterized by simple iron huts and more humble quarters that hosted Australian vacationers from inland areas and from the south. Broader Portfolio and Local Heritage Blackstone has ownership of hotels and luxury 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 people. Its name comes from Captain James Cook, who sailed the HMS Endeavour through the archipelago on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.