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An iconic resort island situated on the Great Barrier Reef has reportedly been sold to a US-based investment group for a sum reportedly valued at A$1.2 billion.

“It is an honor to build on the legacy and commitment that the family owners has established in the center of the World Heritage-listed Great Barrier Reef,” stated a company executive.

Details of the Acquisition Agreement

Headquartered in New York, Blackstone – which also owns the hospitality group Crown Resorts – announced it had entered into an deal to purchase the island resort from the Oatley family, subject to customary approvals from regulators.

The family issued a comment saying they welcomed the new owners of an island that holds a “unique position in the affections of countless Australians” and is referred to as “Australia’s Tropical Island”.

Hamilton Island's Size and Amenities

Located roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton covers more than 1,130 hectares spanning two separate islands.

Approximately thirty percent of the area is built upon, including a substantial array of amenities:

• Five separate hotels
• More than 20 dining and drinking venues
• 20 retail outlets
• An championship 18-hole golf course on neighboring Dent Island
• A boat marina and a commercial airport

Hamilton Island is noted as a major job provider in the Whitsunday region, supporting a sizable resident community and workforce, as well as a wide network of regional partners, vendors, and area businesses.

A Look Back at Ownership

The deceased Robert Oatley, a renowned yachtsman and vintner, first bought the resort for A$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 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 the outback and from the south.

The Buyer's Other Holdings and Local Heritage

Blackstone has ownership of hotels and luxury resorts in multiple countries, such as Japan, India, the Maldives, Sri Lanka, and the United States.

The area is the traditional lands and seas of the Ngaro Indigenous people. Its 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.