🔗 Share this article Hamilton Island, one of the Popular Tropical Getaway on the World Heritage Reef, Reportedly Acquired by US Private Equity Firm. An iconic tropical holiday destination located 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. “We are honored to build on the legacy and commitment of the Oatley family has built in the heart of the iconic Great Barrier Reef,” said a senior representative. Details of the Acquisition Agreement Headquartered in New York, Blackstone – which also owns the casino-hotel chain 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 noting they were pleased with the new owners of an island that holds a “unique position in the affections of many Australians” and is known as “Australia’s Tropical Island”. The Island's Scale and Features Located roughly 900 kilometers north of Brisbane and about 500km south of Cairns, Hamilton spans more than 1,130 hectares across two islands. Roughly 30% of the land is built upon, featuring a significant array of amenities: Five hotels Over twenty dining and drinking venues 20 retail outlets An 18-hole championship golf course on neighboring Dent Island A boat marina and a commercial airport The resort is described as a major job provider in the Whitsundays, supporting a sizable resident community and workforce, as well as a wide network of local partners, suppliers, and local businesses. A Look Back at Ownership The late Robert Oatley, a well-known yachtsman and winemaker, originally purchased the resort for A$200 million in 2003 after spying the island from the deck a yacht during a voyage through the Whitsunday passage. The island's major development phase initially started in the 1980s. For decades prior that, it was home to simple iron huts and more humble quarters that hosted Australian vacationers from inland areas and from the south. The Buyer's Other Holdings and Local Heritage Blackstone also owns luxury hotels and resorts in multiple nations, such as Japan, India, the Maldives, Sri Lanka, and the United States. The Whitsunday region is the traditional lands and seas of the Ngaro people. The name derives from Captain James Cook, who navigated the HMS Endeavour through the archipelago on Sunday 3 June 1770, which was Whit Sunday.