🔗 Share this article Hamilton Island, a Popular Queensland Holiday Destination on the World Heritage Reef, Reportedly Set to be Sold by American Investment Giant. An iconic resort island located within the Great Barrier Reef has reportedly been sold to a US-based investment group for a sum reportedly valued at A$1.2 billion. “We are honored to build on the vision and dedication that the Oatley family has established in the heart of the World Heritage-listed Great Barrier Reef,” stated a company executive. Details of the Sale Headquartered in New York, the investment firm Blackstone – which also owns the hospitality group Crown Resorts – confirmed it had signed an deal to purchase the island resort from the Oatley family, subject to customary regulatory approvals. The family issued a comment saying they welcomed the change in ownership of an island that holds a “unique position in the affections of many Australians” and is known as “Australia’s Tropical Island”. The Island's Size and Amenities Located roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, the island covers more than 1,130 hectares across two islands. Approximately 30% of the area is developed, including a significant array of facilities: Five separate hotels Over twenty dining and drinking venues Twenty shops and retail spaces An championship 18-hole golf course on adjacent Dent Island A boat marina and a functioning airport The resort is noted as a major job provider in the Whitsunday region, supporting a sizable resident community and workforce, as well as a wide network of local partners, suppliers, and area businesses. A Look Back at The Island's History The deceased Robert Oatley, a well-known yachtsman and vintner, first bought the resort for $200 million in the year 2003 after spotting the island from the deck a yacht while sailing through the Whitsunday passage. The island's development boom first began in the 1980s. In the decades before that, it was characterized by galvanised iron huts and more humble quarters that housed Australian vacationers from the outback and from the south. Broader Portfolio and Local Heritage The acquiring firm has ownership of luxury hotels and resorts in several countries, including Japan, India, the Maldives, Sri Lanka, and the United States. The Whitsunday region is the ancestral territory of the Ngaro people. Its name derives from Captain James Cook, who sailed the Endeavour through the island group on June 3, 1770, which was the Christian holiday of Whit Sunday.