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A major resort island situated within the Great Barrier Reef has entered into an agreement for sale to a US-based private equity firm for a sum said to be worth A$1.2 billion.

“It is an honor to continue the vision and dedication of the family owners has established in the center of the iconic Great Barrier Reef,” stated a company executive.

Details of the Acquisition Agreement

The New York-headquartered, Blackstone – the owner of the hospitality group Crown Resorts – confirmed it had signed an deal to purchase the Hamilton Island resort from the Oatley family, subject to customary approvals from regulators.

The sellers issued a comment saying they were pleased with the new owners of an island that holds a “unique position in the hearts of many Australians” and is referred to as “Australia’s Tropical Island”.

Hamilton Island's Size and Amenities

Located almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, the island covers more than 1,130 hectares across two islands.

Approximately thirty percent of the area is built upon, including a significant range of facilities:

• Five separate hotels
• More than 20 restaurants and bars
• 20 retail outlets
• An championship 18-hole golf course on neighboring Dent Island
• A boat marina and a functioning airport

Hamilton Island is described as a significant employer in the Whitsunday region, sustaining a large on-island community and workforce, as well as a broad network of regional partners, vendors, and local businesses.

A Look Back at The Island's History

The late Robert Oatley, a well-known sailor and winemaker, first bought the resort for $200 million in the year 2003 after spying the island from aboard a yacht during a voyage through the Whitsunday passage.

Hamilton's development boom first began in the 1980s. For decades prior that, it was characterized by galvanised iron huts and modest accommodations that housed Australian vacationers from the outback and from the south.

Broader Portfolio and Local Heritage

Blackstone has ownership of luxury hotels and resorts in multiple nations, such as Japan, India, the Maldives, Sri Lanka, and the United States.

The area is the traditional lands and seas of the Ngaro Indigenous people. Its name derives from Captain James Cook, who sailed the Endeavour through the island group on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.