The Hamilton Island Resort, a Popular Tropical Getaway on the Great Barrier Reef, Reportedly Set to be Sold by American Private Equity Firm.

A major tropical holiday destination located within the World Heritage-listed Great Barrier Reef has reportedly been sold to a American investment group in a deal said to be worth A$1.2 billion.

The Reported Sale

Headquartered in New York, Blackstone – which also owns the casino-hotel chain Crown Resorts – confirmed it had signed an deal to purchase the island resort from the Oatley family, subject to standard regulatory approvals.

The sellers released a statement saying they welcomed the change in ownership of an island that holds a “unique position in the affections of many Australians” and is referred to as “Australia’s Tropical Island”.

The Island's Size and Amenities

Located almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, the island covers more than 1,130 hectares across two islands.

Approximately 30% of the area is developed, featuring a significant array of amenities:

• Five separate hotels
• More than 20 restaurants and bars
• 20 retail outlets
• An championship 18-hole golf course on adjacent Dent Island
• A boat marina and a commercial airport

Hamilton Island is noted as a major job provider in the Whitsunday region, sustaining a large on-island community and staff, as well as a broad network of regional partners, vendors, and area businesses.

A Look Back at Ownership

The late billionaire Robert Oatley, a well-known yachtsman and vintner, first bought the resort for A$200 million in 2003 after spotting the island from the deck a yacht during a voyage through the Whitsundays.

Hamilton's major development phase initially started in the 1980s. For decades prior that, it was home to simple iron huts and modest accommodations that housed domestic holidaymakers from inland areas and southern states.

The Buyer's Other Holdings and Local Heritage

Blackstone has ownership of hotels and luxury resorts in several nations, such as Japan, India, the Maldives, Sri Lanka, and the United States.

The area is the ancestral territory of the Ngaro people. The name comes from Captain James Cook, who sailed the Endeavour through the island group on June 3, 1770, which was Whit Sunday.