🔗 Share this article Hamilton Island, one of the Popular Tropical Getaway on the Great Barrier Reef, Reportedly Set to be Acquired by American Private Equity Firm. A major resort island situated on the Great Barrier Reef has reportedly been sold 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 family owners has built in the center of the World Heritage-listed Great Barrier Reef,” stated a company executive. The Reported Sale The New York-headquartered, the investment firm Blackstone – which also owns the hospitality group Crown Resorts – announced it had signed an agreement to acquire the Hamilton Island resort from the Oatley family owners, subject to customary approvals from regulators. The sellers issued a comment saying they welcomed the new owners of an island that holds a “unique position in the hearts of countless Australians” and is referred to as “Australia’s Tropical Island”. The Island's Scale and Features Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, the island covers more than 1,130 hectares spanning two separate islands. Roughly thirty percent of the area is built upon, including a substantial range of amenities: Five hotels More than 20 dining and drinking venues 20 retail outlets An 18-hole championship golf course on neighboring Dent Island A marina and a functioning airport Hamilton Island is noted as a significant employer in the Whitsundays, supporting a large on-island community and staff, as well as a broad network of regional partners, vendors, and local businesses. A Look Back at Ownership The deceased billionaire Robert Oatley, a renowned sailor and winemaker, first bought the resort for A$200 million in the year 2003 after spotting the island from the deck a yacht while sailing through the Whitsundays. The island's development boom first began in the 1980s. For decades prior that, it was characterized by simple iron huts and modest accommodations that housed domestic holidaymakers from inland areas and southern states. The Buyer's Other Holdings and Regional Background The acquiring firm also owns luxury hotels and resorts in several countries, such as Japan, India, the Maldives, Sri Lanka, and the United States. The area is the traditional lands and seas of the Ngaro people. Its name derives from Captain James Cook, who navigated the HMS Endeavour through the island group on Sunday 3 June 1770, which was Whit Sunday.