🔗 Share this article The Hamilton Island Resort, one of the Iconic Queensland Getaway on the Great Barrier Reef, Reportedly Set to be Acquired by American Private Equity Firm. An iconic tropical holiday destination located on the Great Barrier Reef has entered into an agreement for sale to a American investment group for a sum said to be worth 1.2 billion Australian dollars. “It is an honor to continue the legacy and commitment of the family owners has established in the center of the iconic Great Barrier Reef,” stated a company executive. Details of the Sale The New York-headquartered, Blackstone – which also owns the hospitality group Crown Resorts – confirmed it had entered into an deal to purchase the Hamilton Island resort from the Oatley family owners, pending standard regulatory approvals. The sellers released a statement saying they were pleased with the new owners of an island that holds a “special place in the hearts of countless Australians” and is known as “Australia’s Tropical Island”. The Island's Scale and Features Located roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, the island spans over 1,130 hectares across two islands. Approximately thirty percent of the land is built upon, featuring a substantial array of facilities: Five separate 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 major job provider in the Whitsundays, sustaining a sizable resident community and staff, as well as a wide network of local partners, vendors, and local businesses. A Look Back at Ownership The deceased billionaire Robert Oatley, a renowned sailor and vintner, originally purchased the resort for $200 million in the year 2003 after spying the island from the deck a yacht while sailing through the Whitsundays. The island's development boom initially started in the 1980s. For decades prior that, it was home to galvanised iron huts and modest accommodations that hosted domestic holidaymakers from inland areas and southern states. The Buyer's Other Holdings and Regional Background The acquiring firm also owns luxury hotels and resorts in multiple nations, including Japan, India, the Maldives, Sri Lanka, and the United States. The area is the ancestral territory of the Ngaro people. The name comes from Captain James Cook, who navigated the HMS Endeavour through the island group on Sunday 3 June 1770, which was Whit Sunday.