🔗 Share this article The Hamilton Island Resort, a Iconic Queensland Getaway on the World Heritage Reef, Reportedly Set to be Acquired by US Private Equity Firm. An iconic resort island situated within the Great Barrier Reef has entered into an agreement for sale to a US-based investment group for a sum reportedly valued at 1.2 billion Australian dollars. “We are honored to build on the vision and dedication that the family owners has established in the center of the iconic Great Barrier Reef,” said a senior representative. Details of the Sale The New York-headquartered, Blackstone – the owner of the hospitality group Crown Resorts – announced it had signed an agreement to acquire the Hamilton Island resort from the Oatley family, pending customary approvals from regulators. The family released a statement saying they welcomed the change in ownership of an island that holds a “unique position in the affections of countless Australians” and is referred to as “Australia’s Tropical Island”. The Island's Scale and Features Positioned almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, the island covers over 1,130 hectares across two islands. Roughly 30% of the area is developed, featuring a substantial range of amenities: Five hotels More than 20 restaurants and bars Twenty shops and retail spaces An 18-hole championship golf course on adjacent Dent Island A boat marina and a commercial airport The resort is noted as a significant employer in the Whitsundays, sustaining a large on-island community and staff, as well as a wide network of regional partners, suppliers, and area businesses. Historical Context at The Island's History The late Robert Oatley, a renowned sailor and vintner, originally purchased the resort for A$200 million in 2003 after spotting the island from aboard a yacht while sailing through the Whitsundays. Hamilton's development boom initially started in the 1980s. For decades prior that, it was home to simple iron huts and more humble quarters that housed Australian vacationers from the outback and from the south. The Buyer's Other Holdings 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 area is the traditional lands and seas of the Ngaro Indigenous people. Its name comes from Captain James Cook, who navigated the HMS Endeavour through the island group on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.