🔗 Share this article The Hamilton Island Resort, a Popular Queensland Getaway on the World Heritage Reef, Reportedly Set to be Acquired by American Private Equity Firm. A major resort island situated on the World Heritage-listed Great Barrier Reef has reportedly been sold to a US-based private equity firm in a deal said to be worth A$1.2 billion. “We are honored to build on the vision and dedication of the family owners has built in the center of the iconic Great Barrier Reef,” stated a company executive. The Reported Sale The New York-headquartered, Blackstone – the owner of the hospitality group Crown Resorts – announced it had entered into an agreement to acquire the Hamilton Island resort from the Oatley family, subject to standard regulatory approvals. The sellers released a statement saying they welcomed the new owners 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 Size and Amenities Located roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton spans more than 1,130 hectares spanning two separate islands. Roughly 30% of the land is built upon, including a significant array of facilities: Five separate hotels More than 20 dining and drinking venues 20 retail outlets An championship 18-hole golf course on neighboring Dent Island A marina and a functioning airport Hamilton Island is noted as a major job provider in the Whitsundays, sustaining a large on-island community and staff, as well as a wide network of local partners, vendors, and area businesses. Historical Context at The Island's History The late Robert Oatley, a renowned yachtsman and winemaker, originally purchased the resort for A$200 million in 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. In the decades before that, it was characterized by galvanised iron huts and modest accommodations that hosted Australian vacationers from the outback and southern states. The Buyer's Other Holdings and Local Heritage 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 ancestral territory of the Ngaro people. The name comes from Captain James Cook, who navigated the HMS Endeavour through the archipelago on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.