🔗 Share this article The Hamilton Island Resort, one of the Iconic Queensland Holiday Destination on the World Heritage Reef, Reportedly Sold by US Private Equity Firm. An iconic tropical holiday destination situated within the World Heritage-listed Great Barrier Reef has reportedly been sold to a US-based private equity firm in a deal said to be worth 1.2 billion Australian dollars. “We are honored to build on the vision and dedication of the family owners has established in the center of the iconic Great Barrier Reef,” said a company executive. The Reported Sale The New York-headquartered, the investment firm Blackstone – the owner of the hospitality group Crown Resorts – announced it had entered into an deal to purchase the island resort from the Oatley family owners, subject to customary approvals from regulators. The family released a statement saying they were pleased with the new owners of an island that holds a “special place in the hearts of countless Australians” and is known as “Australia’s Tropical Island”. Hamilton Island's Scale and Features Positioned almost 900km north of Brisbane and about 500km south of Cairns, the island covers over 1,130 hectares spanning two separate islands. Roughly thirty percent of the land is developed, including a significant array of amenities: Five separate hotels More than 20 restaurants and bars Twenty shops and retail spaces An 18-hole championship golf course on adjacent Dent Island A marina and a functioning airport Hamilton Island is described as a significant employer in the Whitsundays, sustaining 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 vintner, originally purchased the resort for $200 million in 2003 after spotting the island from the deck a yacht while sailing through the Whitsunday passage. The island's major development phase initially started in the 1980s. For decades prior that, it was characterized by galvanised iron huts and modest accommodations that hosted Australian vacationers from the outback and southern states. The Buyer's Other Holdings and Regional Background Blackstone also owns luxury hotels and resorts in multiple countries, including Japan, India, the Maldives, Sri Lanka, and the United States. The area is the traditional lands and seas of the Ngaro people. Its name derives from Captain James Cook, who navigated the HMS Endeavour through the archipelago on Sunday 3 June 1770, which was Whit Sunday.