🔗 Share this article Hamilton Island, a Iconic Tropical Holiday Destination on the Great Barrier Reef, Reportedly Sold by US Investment Giant. An iconic resort island situated within the Great Barrier Reef has reportedly been sold to a American private equity firm for a sum reportedly valued at 1.2 billion Australian dollars. “It is an honor to continue the legacy and commitment that the family owners has established in the heart of the iconic Great Barrier Reef,” said a company executive. The Reported Sale Headquartered in New York, Blackstone – the owner of the casino-hotel chain Crown Resorts – confirmed it had signed an deal to purchase the Hamilton Island resort from the Oatley family owners, pending standard approvals from regulators. The sellers released a statement noting they were pleased with the change in ownership of an island that holds a “special place in the hearts of many Australians” and is known as “Australia’s Tropical Island”. The Island's Scale and Features Positioned almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton spans over 1,130 hectares spanning two separate islands. Roughly thirty percent of the area is built upon, featuring a substantial range of amenities: Five separate hotels More than 20 restaurants and bars Twenty shops and retail spaces An championship 18-hole golf course on neighboring Dent Island A marina and a functioning airport Hamilton Island is described as a significant employer in the Whitsunday region, supporting a large on-island community and staff, as well as a broad network of local partners, vendors, and local businesses. A Look Back at Ownership The deceased Robert Oatley, a well-known yachtsman and winemaker, first bought the resort for A$200 million in 2003 after spotting the island from aboard a yacht during a voyage through the Whitsundays. Hamilton's major development phase first began in the 1980s. For decades prior that, it was home to simple iron huts and more humble quarters that housed Australian vacationers from inland areas and from the south. Broader Portfolio and Local Heritage The acquiring firm has ownership of luxury hotels and resorts in several countries, such as Japan, India, the Maldives, Sri Lanka, and the United States. The Whitsunday region 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.