🔗 Share this article Hamilton Island, a Iconic Queensland Holiday Destination on the World Heritage Reef, Reportedly Sold by American Investment Giant. An iconic resort island located on the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a American private equity firm for a sum said to be worth A$1.2 billion. “It is an honor to build on the legacy and commitment that the Oatley family has established in the center of the iconic Great Barrier Reef,” said a senior representative. The Reported Sale The New York-headquartered, Blackstone – the owner of the casino-hotel chain Crown Resorts – announced it had signed an deal to purchase the island resort from the Oatley family owners, subject to standard regulatory approvals. The family released a statement noting they welcomed the change in ownership of an island that holds a “unique position in the affections of many Australians” and is referred to as “Australia’s Tropical Island”. The Island's Scale and Features Positioned almost 900km north of Brisbane and about 500km south of Cairns, Hamilton covers over 1,130 hectares spanning two separate islands. Approximately 30% of the land is developed, including a significant range of facilities: Five separate hotels Over twenty dining and drinking venues Twenty shops and retail spaces An championship 18-hole golf course on adjacent Dent Island A boat marina and a commercial 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 regional partners, vendors, and area businesses. Historical Context at Ownership The deceased Robert Oatley, a well-known yachtsman and vintner, first bought the resort for $200 million in the year 2003 after spying the island from aboard a yacht during a voyage through the Whitsundays. Hamilton's major development phase first began in the 1980s. In the decades before that, it was characterized by simple iron huts and modest accommodations that hosted domestic holidaymakers from inland areas and from the south. The Buyer's Other Holdings and Local Heritage The acquiring firm has ownership of 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 Endeavour through the island group on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.