🔗 Share this article The Hamilton Island Resort, one of the Popular Tropical Getaway on the Great Barrier Reef, Reportedly Set to be Sold by US Private Equity Firm. An iconic tropical holiday destination situated on the World Heritage-listed Great Barrier Reef has reportedly been sold to a American private equity firm in a deal said to be worth A$1.2 billion. “It is an honor to build on the vision and dedication that the Oatley family has established in the center of the iconic Great Barrier Reef,” stated a senior representative. The Reported Sale The New York-headquartered, Blackstone – which also owns the casino-hotel chain Crown Resorts – announced it had entered into an agreement to acquire the island resort from the Oatley family owners, subject to customary regulatory approvals. The family issued a comment noting they were pleased with the new owners of an island that holds a “unique position in the affections of countless Australians” and is known as “Australia’s Tropical Island”. The Island's Scale and Features Located almost 900km north of Brisbane and about 500km south of Cairns, the island spans more than 1,130 hectares across two islands. Roughly 30% of the land is built upon, including a substantial range of facilities: Five hotels Over twenty restaurants and bars Twenty shops and retail spaces An championship 18-hole golf course on neighboring Dent Island A marina and a commercial airport The resort is described as a significant employer in the Whitsundays, sustaining a sizable resident community and workforce, as well as a broad network of local partners, suppliers, and local businesses. A Look Back at Ownership The deceased Robert Oatley, a renowned yachtsman and winemaker, originally purchased the resort for $200 million in the year 2003 after spying the island from the deck a yacht while sailing through the Whitsundays. Hamilton's major development phase first began in the 1980s. In the decades before that, it was home to simple iron huts and modest accommodations that hosted domestic holidaymakers from the outback and from the south. Broader Portfolio 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 people. Its name comes from Captain James Cook, who sailed the Endeavour through the island group on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.