đ Share this article Hamilton Island, one of the Popular Queensland Holiday Destination on the Great Barrier Reef, Reportedly Set to be Sold by US Private Equity Firm. An iconic tropical holiday destination situated on the Great Barrier Reef has entered into an agreement for sale to a US-based investment group for a sum said to be worth A$1.2 billion. âWe are honored to continue the vision and dedication of the Oatley family has established in the heart of the iconic Great Barrier Reef,â stated a senior representative. Details of the Sale The New York-headquartered, Blackstone â which also owns the casino-hotel chain Crown Resorts â announced it had entered into an agreement to acquire the Hamilton Island resort from the Oatley family owners, pending customary approvals from regulators. The family released a statement saying they were pleased with the change in ownership of an island that holds a âunique position in the hearts of many Australiansâ and is known as âAustraliaâs Tropical Islandâ. Hamilton Island's Scale and Features Positioned almost 900km north of Brisbane and about 500km south of Cairns, the island spans more than 1,130 hectares spanning two separate islands. Roughly 30% of the land is developed, featuring a substantial range of amenities: Five separate hotels Over twenty restaurants and bars 20 retail outlets An 18-hole championship golf course on adjacent Dent Island A boat marina and a commercial airport The resort is described as a significant employer in the Whitsundays, sustaining a sizable resident community and workforce, as well as a wide network of regional partners, vendors, and area businesses. Historical Context at The Island's History The late billionaire Robert Oatley, a well-known yachtsman and winemaker, first bought the resort for A$200 million in the year 2003 after spotting the island from aboard a yacht during a voyage through the Whitsunday passage. The island's development boom initially started in the 1980s. In the decades before that, it was characterized by simple iron huts and modest accommodations that housed domestic holidaymakers from the outback and from the south. Broader Portfolio and Regional Background The acquiring firm also owns luxury hotels and resorts in multiple countries, such as Japan, India, the Maldives, Sri Lanka, and the United States. The area is the ancestral territory of the Ngaro Indigenous people. Its name derives from Captain James Cook, who navigated the Endeavour through the island group on June 3, 1770, which was Whit Sunday.