🔗 Share this article The Hamilton Island Resort, one of the Iconic Queensland Holiday Destination on the World Heritage Reef, Reportedly Sold by US Investment Giant. An iconic resort island situated within the Great Barrier Reef has entered into an agreement for sale to a US-based investment group in a deal reportedly valued at 1.2 billion Australian dollars. “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 senior representative. Details of the Sale The New York-headquartered, Blackstone – which also owns the hospitality group Crown Resorts – announced it had signed an deal to purchase the Hamilton Island resort from the Oatley family, subject to customary approvals from regulators. The sellers released a statement noting they were pleased with 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 Size and Amenities Positioned roughly 900 kilometers north of Brisbane and about 500km south of Cairns, Hamilton spans over 1,130 hectares spanning two separate islands. Roughly thirty percent of the land is developed, including a substantial range of facilities: Five separate hotels Over twenty 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 noted as a significant employer in the Whitsundays, sustaining a large on-island community and staff, as well as a broad network of local partners, vendors, and local businesses. A Look Back at Ownership The deceased Robert Oatley, a renowned yachtsman and vintner, originally purchased the resort for A$200 million in 2003 after spotting the island from aboard a yacht while sailing through the Whitsunday passage. The island's development boom initially started in the 1980s. In the decades before that, it was home to simple iron huts and more humble quarters that housed domestic holidaymakers from inland areas and southern states. The Buyer's Other Holdings and Regional Background The acquiring firm also owns hotels and luxury resorts in several countries, such as Japan, India, the Maldives, Sri Lanka, and the United States. The Whitsunday region is the ancestral territory of the Ngaro Indigenous people. Its name derives from Captain James Cook, who navigated the Endeavour through the archipelago on June 3, 1770, which was the Christian holiday of Whit Sunday.