🔗 Share this article The Hamilton Island Resort, a Iconic Queensland Holiday Destination on the World Heritage Reef, Reportedly Acquired by US Private Equity Firm. An iconic tropical holiday destination situated on the World Heritage-listed Great Barrier Reef has reportedly been sold to a American private equity firm for a sum reportedly valued at 1.2 billion Australian dollars. “We are honored to continue the legacy and commitment of the Oatley family has built in the center of the World Heritage-listed Great Barrier Reef,” said a senior representative. Details of the Sale Headquartered in New York, the investment firm Blackstone – the owner of the hospitality group Crown Resorts – confirmed it had entered into an agreement to acquire the island resort from the Oatley family, subject to standard approvals from regulators. The family released a statement saying they were pleased with the change in ownership of an island that holds a “special place in the affections of many Australians” and is known as “Australia’s Tropical Island”. The Island's Size and Amenities Positioned roughly 900 kilometers north of Brisbane and about 500km south of Cairns, the island spans over 1,130 hectares across two islands. Approximately 30% of the land is developed, featuring a significant array of amenities: Five separate hotels More than 20 dining and drinking venues 20 retail outlets An championship 18-hole golf course on neighboring Dent Island A boat marina and a functioning airport Hamilton Island is described as a major job provider in the Whitsundays, supporting a large on-island community and workforce, as well as a wide network of local partners, suppliers, and area businesses. A Look Back at Ownership The late Robert Oatley, a renowned sailor and winemaker, first bought the resort for $200 million in the year 2003 after spying the island from aboard a yacht while sailing through the Whitsunday passage. Hamilton's major development phase first began in the 1980s. For decades prior that, it was characterized by simple iron huts and more humble quarters that hosted Australian vacationers from the outback and from the south. The Buyer's Other Holdings and Regional Background The acquiring firm 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 people. The name derives from Captain James Cook, who sailed the Endeavour through the archipelago on June 3, 1770, which was Whit Sunday.