🔗 Share this article Hamilton Island, one of the Iconic Queensland Holiday Destination on the World Heritage Reef, Reportedly Acquired by US Private Equity Firm. An iconic resort island located on the Great Barrier Reef has reportedly been sold to a American private equity firm for a sum said to be worth A$1.2 billion. “We are honored to build on the legacy and commitment that the family owners has built in the center of the World Heritage-listed Great Barrier Reef,” said a senior representative. Details of the Acquisition Agreement The New York-headquartered, the investment firm Blackstone – which also owns the casino-hotel chain Crown Resorts – confirmed it had entered into an agreement to acquire the island resort from the Oatley family owners, pending standard approvals from regulators. The family issued a comment noting they welcomed the change in ownership of an island that holds a “unique position in the hearts of countless Australians” and is referred to as “Australia’s Tropical Island”. The Island's Size and Amenities Positioned roughly 900 kilometers 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 area is built upon, including a substantial 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 The resort is described as a major job provider in the Whitsundays, sustaining a sizable resident community and workforce, as well as a wide network of regional partners, suppliers, and area businesses. A Look Back at The Island's History The deceased Robert Oatley, a well-known yachtsman and vintner, originally purchased the resort for A$200 million in the year 2003 after spotting the island from aboard a yacht while sailing through the Whitsunday passage. The island's major development phase initially started in the 1980s. In the decades before that, it was characterized by simple iron huts and modest accommodations that hosted Australian vacationers from inland areas and from the south. The Buyer's Other Holdings and Regional Background The acquiring firm also owns luxury hotels and resorts in multiple countries, including Japan, India, the Maldives, Sri Lanka, and the United States. The area is the ancestral territory of the Ngaro people. Its name derives from Captain James Cook, who sailed the HMS Endeavour through the archipelago on June 3, 1770, which was the Christian holiday of Whit Sunday.