🔗 Share this article Hamilton Island, a Iconic Queensland Getaway on the Great Barrier Reef, Reportedly Acquired by American Private Equity Firm. A major resort island located on the Great Barrier Reef has entered into an agreement for sale to a American private equity firm in a deal reportedly valued at A$1.2 billion. “It is an honor to continue the legacy and commitment of the family owners has established in the heart of the iconic Great Barrier Reef,” said a company executive. The Reported Acquisition Agreement The New York-headquartered, Blackstone – the owner of 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 noting they were pleased with the new owners of an island that holds a “special place in the affections of countless Australians” and is known as “Australia’s Tropical Island”. The Island's Size and Amenities Located almost 900km north of Brisbane and about 500km south of Cairns, Hamilton spans over 1,130 hectares across two islands. Roughly 30% of the area is developed, including a substantial array of amenities: Five separate hotels More than 20 restaurants and bars 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, sustaining a sizable resident community and workforce, as well as a broad network of local partners, vendors, and area businesses. Historical Context at The Island's History The late Robert Oatley, a renowned sailor and winemaker, first bought the resort for $200 million in the year 2003 after spotting the island from the deck a yacht while sailing through the Whitsunday passage. The island's major development phase initially started in the 1980s. In the decades before that, it was home to galvanised iron huts and modest accommodations that hosted domestic holidaymakers from inland areas and from the south. The Buyer's Other Holdings and Regional Background The acquiring firm also owns hotels and luxury resorts in several countries, such as Japan, India, the Maldives, Sri Lanka, and the United States. The Whitsunday region is the ancestral territory of the Ngaro people. The name comes from Captain James Cook, who navigated the Endeavour through the archipelago on June 3, 1770, which was the Christian holiday of Whit Sunday.