🔗 Share this article Hamilton Island, one of the Iconic Tropical Getaway on the World Heritage Reef, Reportedly Acquired by US Private Equity Firm. An iconic resort island located within the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a American 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 established in the center of the iconic Great Barrier Reef,” said a senior representative. The Reported Acquisition Agreement The New York-headquartered, Blackstone – the owner of the hospitality group Crown Resorts – confirmed it had entered into an agreement to acquire the Hamilton Island resort from the Oatley family owners, pending customary approvals from regulators. The family released a statement 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”. Hamilton Island's Size and Amenities Located almost 900km north of Brisbane and about 500km south of Cairns, the island spans more than 1,130 hectares across two islands. Approximately thirty percent of the land is built upon, featuring a substantial array of amenities: Five 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 commercial airport The resort is described as a major job provider in the Whitsunday region, supporting a sizable resident community and workforce, as well as a wide network of local partners, vendors, and local businesses. A Look Back at Ownership The late billionaire Robert Oatley, a well-known sailor and winemaker, originally purchased the resort for $200 million in the year 2003 after spying the island from aboard a yacht while sailing through the Whitsunday passage. The island's major development phase initially started in the 1980s. In the decades before that, it was characterized by galvanised iron huts and more humble quarters that hosted domestic holidaymakers from inland areas and southern states. Broader Portfolio and Local Heritage The acquiring firm has ownership of hotels and luxury resorts in several nations, such as 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 Endeavour through the archipelago on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.