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A major resort island located within the Great Barrier Reef has reportedly been sold to a American private equity firm in a deal reportedly valued at 1.2 billion Australian dollars.

“We are honored to continue the vision and dedication of the Oatley family has built in the heart of the World Heritage-listed Great Barrier Reef,” said a senior representative.

The Reported Acquisition Agreement

The New York-headquartered, 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 customary approvals from regulators.

The family released a statement noting they were pleased with the change in ownership of an island that holds a “unique position in the hearts of many Australians” and is referred to as “Australia’s Tropical Island”.

The Island's Scale and Features

Located roughly 900 kilometers north of Brisbane and about 500km south of Cairns, the island covers over 1,130 hectares spanning two separate islands.

Approximately thirty percent of the land is built upon, featuring a significant array of facilities:

• Five separate hotels
• Over twenty restaurants and bars
• Twenty shops and retail spaces
• An championship 18-hole golf course on adjacent Dent Island
• A marina and a commercial airport

Hamilton Island is noted as a major job provider in the Whitsundays, sustaining a large on-island community and workforce, as well as a wide network of local partners, vendors, and area businesses.

Historical Context at Ownership

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

The island's development boom initially started in the 1980s. For decades prior that, it was characterized by galvanised iron huts and modest accommodations that housed Australian vacationers from inland areas and from the south.

Broader Portfolio and Regional Background

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

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