🔗 Share this article The Hamilton Island Resort, one of the Iconic Queensland Holiday Destination on the Great Barrier Reef, Reportedly Set to be Acquired by American Investment Giant. A major tropical holiday destination situated within the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a US-based investment group in a deal reportedly valued at A$1.2 billion. “It is an honor to continue the legacy and commitment that the Oatley family has established in the center of the iconic Great Barrier Reef,” stated a company executive. Details of the Acquisition Agreement Headquartered in New York, the investment firm Blackstone – the owner of the casino-hotel chain Crown Resorts – confirmed it had entered into an agreement to acquire the island resort from the Oatley family, pending customary regulatory approvals. The family released a statement saying they were pleased with the new owners of an island that holds a “special place in the affections of countless Australians” and is referred to as “Australia’s Tropical Island”. The Island's Size and Amenities Positioned almost 900km north of Brisbane and about 500km south of Cairns, Hamilton spans over 1,130 hectares spanning two separate islands. Roughly 30% of the area is developed, featuring a significant range of amenities: Five hotels Over twenty dining and drinking venues Twenty shops and retail spaces An championship 18-hole golf course on neighboring Dent Island A boat marina and a commercial airport The resort is noted as a significant employer in the Whitsunday region, sustaining a sizable resident community and workforce, as well as a wide network of regional partners, vendors, and local businesses. Historical Context at The Island's History The deceased Robert Oatley, a well-known sailor and winemaker, first bought the resort for A$200 million in 2003 after spotting the island from aboard a yacht while sailing through the Whitsundays. Hamilton's development boom first began in the 1980s. In the decades before that, it was characterized by simple iron huts and more humble quarters that hosted domestic holidaymakers from inland areas and southern states. Broader Portfolio and Local Heritage Blackstone also owns luxury hotels and resorts in several countries, such as 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 derives from Captain James Cook, who navigated the Endeavour through the island group on Sunday 3 June 1770, which was Whit Sunday.