🔗 Share this article Hamilton Island, one of the Popular Queensland Getaway on the World Heritage Reef, Reportedly Sold by American Investment Giant. An iconic resort island located within the World Heritage-listed Great Barrier Reef has reportedly been sold to a US-based private equity firm for a sum reportedly valued at A$1.2 billion. “It is an honor to continue the legacy and commitment that the Oatley family has established in the heart of the World Heritage-listed Great Barrier Reef,” stated a senior representative. Details of the Sale Headquartered in New York, Blackstone – which also owns the hospitality group Crown Resorts – announced it had signed an deal to purchase the Hamilton Island resort from the Oatley family owners, subject to customary regulatory approvals. The family released a statement noting they were pleased with the change in ownership of an island that holds a “unique position in the hearts of many Australians” and is referred to as “Australia’s Tropical Island”. The Island's Scale and Features Positioned roughly 900 kilometers north of Brisbane and about 500km south of Cairns, the island spans over 1,130 hectares across two islands. Approximately thirty percent of the area is developed, including a significant range of amenities: Five hotels More than 20 dining and drinking venues Twenty shops and retail spaces An 18-hole championship golf course on adjacent Dent Island A boat marina and a commercial airport Hamilton Island is noted as a major job provider in the Whitsundays, supporting a sizable resident community and staff, as well as a broad network of local partners, vendors, and area businesses. A Look Back at The Island's History The deceased billionaire Robert Oatley, a renowned sailor and winemaker, originally purchased the resort for A$200 million in the year 2003 after spying the island from the deck a yacht during a voyage through the Whitsunday passage. Hamilton's development boom initially started in the 1980s. In the decades before that, it was home to galvanised iron huts and more humble quarters that hosted Australian vacationers from the outback and southern states. The Buyer's Other Holdings and Local Heritage The acquiring firm has ownership of luxury hotels and resorts in several countries, such as Japan, India, the Maldives, Sri Lanka, and the United States. The area is the ancestral territory of the Ngaro Indigenous people. Its name comes from Captain James Cook, who sailed the Endeavour through the archipelago on June 3, 1770, which was Whit Sunday.