🔗 Share this article Hamilton Island, a Iconic Tropical Getaway on the World Heritage Reef, Reportedly Acquired by US Private Equity Firm. An iconic tropical holiday destination located within the Great Barrier Reef has reportedly been sold to a US-based private equity firm in a deal said to be worth 1.2 billion Australian dollars. “It is an honor to continue the legacy and commitment of the family owners has built in the heart of the World Heritage-listed Great Barrier Reef,” said a company executive. The Reported Sale Headquartered in New York, Blackstone – which also owns the hospitality group Crown Resorts – confirmed it had signed an agreement to acquire the Hamilton Island resort from the Oatley family owners, pending standard approvals from regulators. The family released a statement noting they welcomed the change in ownership of an island that holds a “special place in the affections of countless Australians” and is known as “Australia’s Tropical Island”. Hamilton Island's Size and Amenities Positioned almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, the island spans more than 1,130 hectares spanning two separate islands. Approximately thirty percent of the land is built upon, featuring a substantial array of amenities: 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 major job provider in the Whitsundays, supporting a sizable resident community and staff, as well as a broad network of regional partners, suppliers, and local businesses. A Look Back at Ownership The deceased Robert Oatley, a well-known yachtsman and winemaker, first bought the resort for A$200 million in 2003 after spotting the island from aboard a yacht while sailing through the Whitsunday passage. Hamilton's major development phase first began in the 1980s. In the decades before that, it was characterized by galvanised iron huts and modest accommodations that housed domestic holidaymakers from the outback and southern states. The Buyer's Other Holdings and Regional Background Blackstone has ownership of hotels and luxury resorts in multiple nations, including Japan, India, the Maldives, Sri Lanka, and the United States. The Whitsunday region is the traditional lands and seas of the Ngaro people. Its name comes from Captain James Cook, who sailed the HMS Endeavour through the archipelago on June 3, 1770, which was Whit Sunday.