🔗 Share this article Hamilton Island, a Popular Queensland Holiday Destination on the World Heritage Reef, Reportedly Sold by American Investment Giant. 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 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 World Heritage-listed Great Barrier Reef,” said a senior representative. Details of the Acquisition Agreement The New York-headquartered, the investment firm Blackstone – the owner of the casino-hotel chain Crown Resorts – confirmed it had entered into an deal to purchase the Hamilton Island resort from the Oatley family owners, pending standard approvals from regulators. The family issued a comment noting 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”. Hamilton Island's Size and Amenities Located roughly 900 kilometers north of Brisbane and about 500km south of Cairns, the island spans over 1,130 hectares spanning two separate islands. Approximately 30% of the area is developed, including a significant array of facilities: Five separate hotels More than 20 dining and drinking venues 20 retail outlets An 18-hole championship golf course on neighboring Dent Island A marina and a functioning airport The resort is noted as a major job provider in the Whitsunday region, supporting a large on-island community and workforce, as well as a broad network of regional partners, vendors, and local businesses. Historical Context at The Island's History The deceased Robert Oatley, a renowned sailor and winemaker, originally purchased the resort for A$200 million in 2003 after spotting the island from the deck a yacht while sailing through the Whitsundays. The island's development boom initially started in the 1980s. In the decades before that, it was home to galvanised iron huts and modest accommodations that housed domestic holidaymakers from inland areas and from the south. The Buyer's Other Holdings and Local Heritage The acquiring firm also owns hotels and luxury resorts in several countries, including Japan, India, the Maldives, Sri Lanka, and the United States. The area is the traditional lands and seas of the Ngaro Indigenous people. Its name derives 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.