🔗 Share this article Hamilton Island, a Popular Tropical Holiday Destination on the World Heritage Reef, Reportedly Acquired by American Private Equity Firm. A major tropical holiday destination located on the World Heritage-listed 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. “We are honored to continue the vision and dedication of the family owners has established in the heart of the iconic Great Barrier Reef,” stated a senior representative. The Reported Acquisition Agreement Headquartered in New York, Blackstone – which also owns the hospitality group Crown Resorts – announced it had entered into an agreement to acquire the island resort from the Oatley family, subject to standard regulatory approvals. The sellers issued a comment noting they welcomed the change in ownership of an island that holds a “unique position in the hearts of many Australians” and is known as “Australia’s Tropical Island”. Hamilton Island's Scale and Features Located almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton spans over 1,130 hectares across two islands. Roughly 30% of the area is developed, including a substantial array of amenities: Five hotels Over twenty dining and drinking venues Twenty shops and retail spaces An 18-hole championship golf course on adjacent Dent Island A marina and a commercial airport The resort is described as a significant employer in the Whitsunday region, sustaining a large on-island community and staff, as well as a wide network of regional partners, suppliers, and local businesses. A Look Back at The Island's History The late billionaire Robert Oatley, a well-known yachtsman and vintner, first bought the resort for $200 million in the year 2003 after spotting the island from the deck a yacht during a voyage through the Whitsunday passage. Hamilton's development boom first began in the 1980s. For decades prior that, it was characterized by galvanised iron huts and modest accommodations that housed domestic holidaymakers from the outback and southern states. The Buyer's Other Holdings and Regional Background The acquiring firm 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 ancestral territory of the Ngaro people. The name comes from Captain James Cook, who sailed the Endeavour through the island group on June 3, 1770, which was the Christian holiday of Whit Sunday.