🔗 Share this article The Hamilton Island Resort, one of the Iconic Tropical Holiday Destination on the Great Barrier Reef, Reportedly Set to be Acquired by American Private Equity Firm. A major tropical holiday destination situated on the World Heritage-listed Great Barrier Reef has reportedly been sold to a US-based private equity firm for a sum reportedly valued at A$1.2 billion. “We are honored to continue the vision and dedication that the Oatley family has built in the center of the iconic Great Barrier Reef,” said a company executive. The Reported Acquisition Agreement The New York-headquartered, the investment firm Blackstone – the owner of the hospitality group Crown Resorts – confirmed it had signed an agreement to acquire the island resort from the Oatley family, pending customary approvals from regulators. The family issued a comment saying 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 Scale and Features Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton spans over 1,130 hectares across two islands. Roughly 30% of the area is built upon, including a substantial array of amenities: Five separate hotels More than 20 dining and drinking venues Twenty shops and retail spaces An championship 18-hole golf course on neighboring Dent Island A boat marina and a functioning airport The resort is described as a significant employer in the Whitsundays, sustaining a large on-island community and workforce, as well as a broad network of local partners, suppliers, and area businesses. A Look Back at Ownership The late billionaire Robert Oatley, a well-known sailor and vintner, first bought the resort for $200 million in the year 2003 after spying the island from the deck a yacht during a voyage through the Whitsundays. The island'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 domestic holidaymakers from the outback and from the south. Broader Portfolio and Local Heritage Blackstone 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. The name comes from Captain James Cook, who navigated the HMS Endeavour through the archipelago on Sunday 3 June 1770, which was Whit Sunday.