The Hamilton Island Resort, one of the Popular Tropical Holiday Destination on the Great Barrier Reef, Reportedly Sold by US Private Equity Firm.

A major resort island located within the World Heritage-listed Great Barrier Reef has reportedly been sold to a American private equity firm for a sum said to be worth A$1.2 billion.

The Reported Acquisition Agreement

The New York-headquartered, Blackstone – the owner of the casino-hotel chain Crown Resorts – confirmed it had entered into an agreement to acquire the island resort from the Oatley family, subject to standard approvals from regulators.

The family released a statement saying they were pleased with the change in ownership of an island that holds a “special place in the affections of many Australians” and is known as “Australia’s Tropical Island”.

The Island's Size and Amenities

Positioned roughly 900 kilometers 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 amenities:

• Five separate hotels
• More than 20 restaurants and bars
• Twenty shops and retail spaces
• An 18-hole championship golf course on adjacent Dent Island
• A marina and a functioning airport

Hamilton Island is noted as a major job provider in the Whitsundays, supporting a large on-island community and staff, as well as a broad network of local partners, suppliers, and local businesses.

A Look Back at The Island's History

The late Robert Oatley, a well-known sailor and winemaker, originally purchased the resort for $200 million in the year 2003 after spying the island from aboard 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 simple iron huts and modest accommodations that housed Australian vacationers from the outback and southern states.

The Buyer's Other Holdings and Local Heritage

Blackstone has ownership of luxury hotels and resorts in multiple countries, such as Japan, India, the Maldives, Sri Lanka, and the United States.

The Whitsunday region is the traditional lands and seas of the Ngaro Indigenous people. The name comes from Captain James Cook, who navigated the Endeavour through the island group on Sunday 3 June 1770, which was Whit Sunday.