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An iconic tropical holiday destination situated within the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a American private equity firm for a sum reportedly valued at A$1.2 billion.

“It is an honor to build on the legacy and commitment of the Oatley family has built in the center of the World Heritage-listed Great Barrier Reef,” stated a senior representative.

The Reported Sale

The New York-headquartered, the investment firm Blackstone – the owner of the casino-hotel chain Crown Resorts – confirmed it had signed an deal to purchase the Hamilton Island resort from the Oatley family owners, subject to standard approvals from regulators.

The sellers released a statement noting they welcomed the new owners of an island that holds a “unique position in the affections of many Australians” and is known as “Australia’s Tropical Island”.

Hamilton Island's Size and Amenities

Positioned roughly 900 kilometers north of Brisbane and about 500km south of Cairns, the island spans more than 1,130 hectares across two islands.

Approximately 30% of the area is built upon, including a substantial array of facilities:

• Five separate 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 noted as a major job provider 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 Robert Oatley, a well-known yachtsman and winemaker, originally purchased the resort for A$200 million in 2003 after spotting the island from aboard a yacht during a voyage through the Whitsundays.

Hamilton's development boom first began in the 1980s. In the decades before that, it was home to simple iron huts and modest accommodations that housed Australian vacationers from the outback and from the south.

Broader Portfolio and Regional Background

The acquiring firm has ownership of hotels and luxury 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 Indigenous people. Its name comes from Captain James Cook, who navigated the Endeavour through the island group on Sunday 3 June 1770, which was Whit Sunday.