🔗 Share this article The Hamilton Island Resort, a Popular Tropical Holiday Destination on the Great Barrier Reef, Reportedly Set to be Sold by American Investment Giant. An iconic resort island situated within the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a US-based investment group for a sum said to be worth A$1.2 billion. “It is an honor to continue the vision and dedication that the family owners has established in the heart of the iconic Great Barrier Reef,” stated a company executive. The Reported Acquisition Agreement Headquartered in New York, Blackstone – which also owns the casino-hotel chain Crown Resorts – announced it had signed an deal to purchase the Hamilton Island resort from the Oatley family owners, subject to standard regulatory approvals. The family released a statement saying they welcomed the new owners 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 Size and Amenities Positioned almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, the island spans over 1,130 hectares spanning two separate islands. Approximately 30% of the area is developed, including a significant array of amenities: Five hotels Over twenty dining and drinking venues Twenty shops and retail spaces An championship 18-hole golf course on neighboring Dent Island A marina and a functioning airport The resort is described as a significant employer in the Whitsunday region, sustaining a large on-island community and staff, as well as a broad network of local partners, suppliers, and area businesses. A Look Back at The Island's History The deceased billionaire Robert Oatley, a well-known sailor and vintner, first bought the resort for $200 million in 2003 after spying 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 galvanised iron huts and more humble quarters that hosted Australian vacationers from the outback and southern states. The Buyer's Other Holdings and Regional Background The acquiring firm also owns luxury hotels and resorts in multiple nations, including 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 sailed the Endeavour through the archipelago on June 3, 1770, which was Whit Sunday.