🔗 Share this article The Hamilton Island Resort, a Popular Queensland Getaway on the Great Barrier Reef, Reportedly Sold by US Private Equity Firm. A major tropical holiday destination located on the Great Barrier Reef has entered into an agreement for sale to a American private equity firm for a sum reportedly valued at A$1.2 billion. “It is an honor to build on the vision and dedication of the Oatley family has built in the center of the World Heritage-listed Great Barrier Reef,” stated a company executive. The Reported Sale The New York-headquartered, Blackstone – the owner of the casino-hotel chain Crown Resorts – confirmed it had signed an agreement to acquire the Hamilton Island resort from the Oatley family owners, pending customary approvals from regulators. The sellers issued a comment noting they were pleased with the new owners of an island that holds a “special place in the affections of countless Australians” and is referred to as “Australia’s Tropical Island”. The Island's Size and Amenities Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton covers more than 1,130 hectares spanning two separate islands. Approximately thirty percent of the area is developed, featuring a significant array of amenities: Five hotels More than 20 restaurants and bars Twenty shops and retail spaces An championship 18-hole golf course on adjacent Dent Island A marina and a commercial airport The resort is noted as a major job provider in the Whitsunday region, supporting a large on-island community and workforce, as well as a broad network of local partners, vendors, and local businesses. A Look Back at Ownership The deceased Robert Oatley, a renowned yachtsman and winemaker, originally purchased the resort for A$200 million in 2003 after spying the island from the deck a yacht while sailing through the Whitsundays. Hamilton's development boom first began in the 1980s. For decades prior that, it was characterized by galvanised iron huts and modest accommodations that hosted domestic holidaymakers from inland areas and southern states. The Buyer's Other Holdings and Regional Background Blackstone also owns hotels and luxury resorts in multiple countries, such as Japan, India, the Maldives, Sri Lanka, and the United States. The area is the traditional lands and seas of the Ngaro Indigenous people. The name comes from Captain James Cook, who navigated the HMS Endeavour through the island group on June 3, 1770, which was Whit Sunday.