🔗 Share this article The Hamilton Island Resort, a Popular Queensland Getaway on the World Heritage Reef, Reportedly Set to be Sold by American Private Equity Firm. An iconic tropical holiday destination situated within the Great Barrier Reef has entered into an agreement for sale to a US-based investment group in a deal said to be worth A$1.2 billion. “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. The Reported Acquisition Agreement Headquartered in New York, Blackstone – which also owns the casino-hotel chain Crown Resorts – announced it had entered into an deal to purchase the Hamilton Island resort from the Oatley family, pending standard regulatory approvals. The sellers issued a comment saying they welcomed the new owners of an island that holds a “unique position in the hearts 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 covers more than 1,130 hectares across two islands. Roughly thirty percent of the land is built upon, featuring a significant range of facilities: Five hotels More than 20 restaurants and bars Twenty shops and retail spaces An 18-hole championship golf course on neighboring Dent Island A boat marina and a commercial airport Hamilton Island is described 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. A Look Back at The Island's History The deceased billionaire Robert Oatley, a well-known sailor and vintner, originally purchased the resort for A$200 million in the year 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. For decades prior that, it was home to simple iron huts and more humble quarters that hosted Australian vacationers from the outback and southern states. The Buyer's Other Holdings and Regional Background The acquiring firm also owns luxury hotels and resorts in multiple countries, 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. The name derives from Captain James Cook, who sailed the Endeavour through the archipelago on Sunday 3 June 1770, which was Whit Sunday.