🔗 Share this article The Hamilton Island Resort, a Iconic Tropical Holiday Destination on the Great Barrier Reef, Reportedly Acquired by US Private Equity Firm. A major resort island located within the Great Barrier Reef has reportedly been sold to a US-based private equity firm for a sum 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 World Heritage-listed Great Barrier Reef,” said a senior representative. Details of the Acquisition Agreement Headquartered in New York, the investment firm Blackstone – the owner of the hospitality group Crown Resorts – confirmed it had signed an deal to purchase the island resort from the Oatley family owners, subject to standard regulatory approvals. The sellers released a statement saying they were pleased with 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”. The Island's Scale and Features Located almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, the island covers more than 1,130 hectares across two islands. Approximately thirty percent of the area is developed, featuring a substantial array of facilities: 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 noted as a significant employer in the Whitsunday region, sustaining a large on-island community and staff, as well as a broad network of regional partners, vendors, and local businesses. A Look Back at The Island's History The deceased Robert Oatley, a well-known yachtsman and winemaker, originally purchased the resort for $200 million in the year 2003 after spotting the island from the deck a yacht during a voyage through the Whitsunday passage. Hamilton's development boom initially started in the 1980s. For decades prior that, it was characterized by simple iron huts and more humble quarters that housed domestic holidaymakers from the outback and southern states. Broader Portfolio and Local Heritage Blackstone also owns hotels and luxury resorts in multiple countries, including Japan, India, the Maldives, Sri Lanka, and the United States. The area is the ancestral territory of the Ngaro people. Its name comes from Captain James Cook, who sailed the HMS Endeavour through the island group on June 3, 1770, which was Whit Sunday.