🔗 Share this article Hamilton Island, one of the Popular Tropical Holiday Destination on the Great Barrier Reef, Reportedly Set to be Sold by US Investment Giant. A major tropical holiday destination located within the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a American private equity firm in a deal 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 heart of the iconic Great Barrier Reef,” stated a senior representative. Details of the Sale Headquartered in New York, Blackstone – the owner of the hospitality group Crown Resorts – announced it had entered into an deal to purchase the Hamilton Island resort from the Oatley family, subject to standard approvals from regulators. The sellers issued a comment saying they were pleased with the change in ownership of an island that holds a “unique position in the affections of many Australians” and is known as “Australia’s Tropical Island”. Hamilton Island's Size and Amenities Positioned almost 900km north of Brisbane and about 500km south of Cairns, Hamilton covers more than 1,130 hectares across two islands. Roughly thirty percent of the land is built upon, featuring a significant array of facilities: Five hotels Over twenty dining and drinking venues Twenty shops and retail spaces An championship 18-hole golf course on adjacent Dent Island A 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 wide network of regional partners, vendors, and local businesses. Historical Context at The Island's History The late Robert Oatley, a renowned sailor and winemaker, originally purchased the resort for $200 million in the year 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. In the decades before that, it was home to galvanised iron huts and modest accommodations that hosted Australian vacationers from inland areas and southern states. The Buyer's Other Holdings and Local Heritage Blackstone also owns luxury hotels and resorts in several countries, including Japan, India, the Maldives, Sri Lanka, and the United States. The Whitsunday region 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 Whit Sunday.