🔗 Share this article Hamilton Island, one of the Popular Tropical Getaway on the Great Barrier Reef, Reportedly Set to be Acquired by US Private Equity Firm. A major tropical holiday destination located within the Great Barrier Reef has entered into an agreement for sale to a US-based private equity firm for a sum reportedly valued at A$1.2 billion. “It is an honor to build on the vision and dedication of the family owners has established in the center of the World Heritage-listed Great Barrier Reef,” stated a company executive. Details of the Acquisition Agreement Headquartered in New York, the investment firm Blackstone – which also owns the hospitality group Crown Resorts – confirmed it had signed an agreement to acquire the island resort from the Oatley family, pending standard regulatory approvals. The family issued a comment noting they were pleased with the new owners of an island that holds a “unique position in the hearts of many Australians” and is known as “Australia’s Tropical Island”. Hamilton Island's Scale and Features Located roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, the island spans more than 1,130 hectares spanning two separate islands. Approximately thirty percent of the area is developed, featuring a significant array 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 commercial airport Hamilton Island is noted as a major job provider in the Whitsunday region, supporting a sizable resident community and staff, as well as a broad network of local partners, vendors, and area businesses. A Look Back at Ownership The deceased Robert Oatley, a renowned sailor and winemaker, originally purchased the resort for $200 million in 2003 after spotting the island from aboard a yacht during a voyage through the Whitsunday passage. The island's major development phase initially started in the 1980s. For decades prior that, it was home to simple iron huts and modest accommodations that hosted domestic holidaymakers from inland areas and from the south. Broader Portfolio and Regional Background The acquiring firm has ownership of hotels and luxury resorts in several nations, such as Japan, India, the Maldives, Sri Lanka, and the United States. The Whitsunday region is the ancestral territory of the Ngaro people. Its name comes from Captain James Cook, who navigated the HMS Endeavour through the archipelago on June 3, 1770, which was the Christian holiday of Whit Sunday.