🔗 Share this article The Hamilton Island Resort, one of the Popular Tropical Getaway on the World Heritage Reef, Reportedly Acquired by US Private Equity Firm. A major resort island situated within the Great Barrier Reef has entered into an agreement for sale to a American investment group in a deal said to be worth A$1.2 billion. “It is an honor to build on the vision and dedication of the Oatley family has built in the heart of the World Heritage-listed Great Barrier Reef,” stated a senior representative. Details of the Acquisition Agreement Headquartered in New York, the investment firm Blackstone – which also owns the casino-hotel chain Crown Resorts – confirmed it had signed an agreement to acquire the Hamilton Island resort from the Oatley family owners, pending customary regulatory approvals. The sellers issued a comment noting 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”. The Island's Size and Amenities Located 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 array of amenities: Five hotels More than 20 dining and drinking venues 20 retail outlets An 18-hole championship golf course on neighboring Dent Island A boat marina and a commercial airport The resort is described as a significant employer in the Whitsundays, supporting a sizable resident community and staff, as well as a wide network of local partners, vendors, and local businesses. Historical Context at Ownership The late Robert Oatley, a well-known sailor and vintner, first bought the resort for $200 million in 2003 after spying the island from aboard a yacht during a voyage through the Whitsunday passage. The island's development boom first began in the 1980s. In the decades before that, it was characterized by simple iron huts and modest accommodations that hosted domestic holidaymakers from inland areas and southern states. The Buyer's Other Holdings and Local Heritage The acquiring firm has ownership of luxury hotels and resorts in multiple nations, such as Japan, India, the Maldives, Sri Lanka, and the United States. The area is the ancestral territory of the Ngaro people. Its name derives from Captain James Cook, who sailed the HMS Endeavour through the island group on June 3, 1770, which was Whit Sunday.