🔗 Share this article Hamilton Island, one of the Popular Queensland Getaway on the Great Barrier Reef, Reportedly Acquired by US Investment Giant. A major resort island 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 A$1.2 billion. “We are honored to continue the legacy and commitment of the family owners has established in the heart of the iconic Great Barrier Reef,” stated a company executive. Details of the Sale Headquartered in New York, Blackstone – which also owns the casino-hotel chain Crown Resorts – confirmed it had entered into an deal to purchase the island resort from the Oatley family owners, pending standard approvals from regulators. The family issued a comment noting they were pleased with the change in ownership of an island that holds a “unique position in the hearts of countless Australians” and is known as “Australia’s Tropical Island”. Hamilton Island's Scale and Features Located almost 900km north of Brisbane and about 500km south of Cairns, the island spans more than 1,130 hectares across two islands. Roughly 30% of the land is developed, including a significant range of facilities: Five separate hotels More than 20 dining and drinking venues 20 retail outlets An 18-hole championship golf course on adjacent Dent Island A marina and a functioning airport Hamilton Island is described as a major job provider in the Whitsundays, sustaining a large on-island community and workforce, as well as a wide network of regional partners, suppliers, and area businesses. Historical Context at The Island's History The late billionaire Robert Oatley, a renowned yachtsman and vintner, first bought the resort for A$200 million in the year 2003 after spying the island from the deck a yacht while sailing through the Whitsunday passage. The island's major development phase first began in the 1980s. For decades prior that, it was home to galvanised iron huts and more humble quarters that hosted domestic holidaymakers from the outback and southern states. Broader Portfolio and Regional Background Blackstone has ownership of luxury hotels and resorts in several nations, including 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 comes from Captain James Cook, who navigated the Endeavour through the island group on June 3, 1770, which was the Christian holiday of Whit Sunday.