🔗 Share this article The Hamilton Island Resort, one of the Iconic Queensland Holiday Destination on the World Heritage Reef, Reportedly Set to be Sold by American Private Equity Firm. An iconic resort island located within the Great Barrier Reef has entered into an agreement for sale to a US-based private equity firm in a deal reportedly valued at A$1.2 billion. “We are honored to continue the vision and dedication that the Oatley family has established in the heart of the World Heritage-listed Great Barrier Reef,” said a company executive. The Reported Acquisition Agreement 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 customary approvals from regulators. The sellers released a statement saying they welcomed the change in ownership of an island that holds a “special place in the affections of countless Australians” and is referred to as “Australia’s Tropical Island”. The Island's Size and Amenities Positioned roughly 900 kilometers north of Brisbane and about 500km south of Cairns, Hamilton covers over 1,130 hectares across two islands. Roughly thirty percent of the land is built upon, featuring a significant range of facilities: Five separate hotels Over twenty dining and drinking venues 20 retail outlets An championship 18-hole golf course on neighboring Dent Island A boat marina and a functioning airport The resort is noted as a major job provider in the Whitsundays, supporting a large on-island community and staff, as well as a wide network of regional partners, vendors, and area businesses. A Look Back at Ownership The deceased billionaire Robert Oatley, a well-known yachtsman and winemaker, first bought the resort for A$200 million in the year 2003 after spying the island from aboard a yacht while sailing through the Whitsundays. Hamilton's development boom initially started in the 1980s. In the decades before that, it was characterized by galvanised iron huts and more humble quarters that housed 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 several nations, such as Japan, India, the Maldives, Sri Lanka, and the United States. The area is the ancestral territory of the Ngaro Indigenous people. Its 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.