🔗 Share this article Hamilton Island, one of the Popular Queensland Holiday Destination on the World Heritage Reef, Reportedly Set to be Acquired by American Private Equity Firm. An iconic tropical holiday destination located within the Great Barrier Reef has entered into an agreement for sale to a US-based private equity firm for a sum reportedly valued at 1.2 billion Australian dollars. “It is an honor to build on the vision and dedication that the Oatley family has established in the heart of the World Heritage-listed Great Barrier Reef,” said a company executive. The Reported Acquisition Agreement The New York-headquartered, Blackstone – the owner of the casino-hotel chain Crown Resorts – announced it had entered into an deal to purchase the Hamilton Island resort from the Oatley family, subject to customary approvals from regulators. The family issued a comment 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”. Hamilton Island's Size and Amenities Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton covers more than 1,130 hectares across two islands. Approximately 30% of the area is developed, featuring a significant range of facilities: Five separate hotels Over twenty dining and drinking venues 20 retail outlets An 18-hole championship golf course on adjacent Dent Island A boat marina and a functioning airport The resort is described as a major job provider in the Whitsunday region, supporting a sizable resident community and staff, as well as a broad network of local partners, vendors, and local businesses. Historical Context at The Island's History The deceased billionaire Robert Oatley, a renowned yachtsman and vintner, originally purchased the resort for $200 million in 2003 after spying the island from aboard a yacht during a voyage through the Whitsundays. The island's development boom initially started in the 1980s. In the decades before that, it was characterized by galvanised iron huts and more humble quarters that housed Australian vacationers from the outback and from the south. The Buyer's Other Holdings and Regional Background Blackstone has ownership of luxury hotels and resorts in multiple nations, including Japan, India, the Maldives, Sri Lanka, and the United States. The Whitsunday region is the traditional lands and seas of the Ngaro Indigenous people. The name comes from Captain James Cook, who navigated the Endeavour through the archipelago on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.