🔗 Share this article The Hamilton Island Resort, one of the Popular Tropical Getaway on the Great Barrier Reef, Reportedly Set to be Acquired by American Private Equity Firm. A major tropical holiday destination situated within the World Heritage-listed 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 continue 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 Headquartered in New York, Blackstone – the owner of the hospitality group Crown Resorts – confirmed it had signed an agreement to acquire the Hamilton Island resort from the Oatley family owners, pending customary regulatory approvals. The family issued a comment noting they were pleased with 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 almost 900km north of Brisbane and about 500km south of Cairns, the island covers more than 1,130 hectares spanning two separate islands. Approximately 30% of the area is built upon, including a significant array of amenities: Five hotels More than 20 dining and drinking venues 20 retail outlets An 18-hole championship golf course on adjacent Dent Island A marina and a commercial airport The resort is described as a significant employer in the Whitsunday region, sustaining a large on-island community and workforce, as well as a wide network of regional partners, suppliers, and area businesses. Historical Context at The Island's History The deceased billionaire Robert Oatley, a well-known yachtsman and winemaker, originally purchased the resort for A$200 million in 2003 after spying the island from aboard 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 more humble quarters that housed domestic holidaymakers from the outback and from the south. Broader Portfolio and Local Heritage Blackstone has ownership of 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 Sunday 3 June 1770, which was Whit Sunday.