🔗 Share this article Hamilton Island, one of the Iconic Tropical Getaway on the Great Barrier Reef, Reportedly Acquired by US Investment Giant. An iconic tropical holiday destination located within the Great Barrier Reef has entered into an agreement for sale to a US-based investment group in a deal said to be worth A$1.2 billion. “It is an honor to continue the legacy and commitment of the Oatley family has built in the heart of the iconic Great Barrier Reef,” stated a senior representative. Details of the Acquisition Agreement Headquartered in New York, Blackstone – the owner of the casino-hotel chain Crown Resorts – confirmed it had signed an deal to purchase the island resort from the Oatley family, subject to standard approvals from regulators. The family released a statement noting they welcomed the new owners of an island that holds a “special place in the affections of many Australians” and is known as “Australia’s Tropical Island”. The 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 across two islands. Roughly thirty percent of the land is built upon, featuring a substantial range of facilities: Five hotels More than 20 dining and drinking venues 20 retail outlets An 18-hole championship golf course on neighboring Dent Island A marina and a functioning airport The resort is noted as a major job provider in the Whitsunday region, sustaining a sizable resident community and staff, as well as a wide network of local partners, vendors, and area businesses. A Look Back at Ownership The late Robert Oatley, a well-known sailor and winemaker, first bought the resort for A$200 million in the year 2003 after spotting the island from the deck a yacht while sailing through the Whitsundays. The island's development boom initially started in the 1980s. In the decades before that, it was home to simple iron huts and more humble quarters that housed Australian vacationers from the outback and from the south. Broader Portfolio and Local Heritage The acquiring firm also owns hotels and luxury resorts in several countries, including Japan, India, the Maldives, Sri Lanka, and the United States. The Whitsunday region is the traditional lands and seas of the Ngaro people. Its name derives from Captain James Cook, who navigated the HMS Endeavour through the island group on Sunday 3 June 1770, which was Whit Sunday.