🔗 Share this article Hamilton Island, one of the Iconic Queensland Holiday Destination on the World Heritage Reef, Reportedly Set to be Sold by American Investment Giant. A major resort island located on the Great Barrier Reef has reportedly been sold to a American investment group for a sum said to be worth A$1.2 billion. “We are honored to build on the legacy and commitment of the Oatley family has built in the heart of the World Heritage-listed Great Barrier Reef,” stated a senior representative. Details of the Acquisition Agreement Headquartered in New York, the investment firm Blackstone – which also owns the hospitality group Crown Resorts – announced it had signed an agreement to acquire the island resort from the Oatley family, subject to customary approvals from regulators. The family released a statement saying they were pleased with the new owners of an island that holds a “special place in the hearts of many Australians” and is referred to as “Australia’s Tropical Island”. The Island's Size and Amenities Positioned roughly 900 kilometers north of Brisbane and about 500km south of Cairns, the island covers more than 1,130 hectares across two islands. Approximately thirty percent of the land is developed, featuring a significant array of facilities: Five separate hotels Over twenty restaurants and bars Twenty shops and retail spaces An championship 18-hole golf course on neighboring Dent Island A marina and a commercial airport Hamilton Island is described as a significant employer in the Whitsunday region, sustaining a sizable resident community and staff, as well as a wide network of local partners, suppliers, and local businesses. A Look Back at The Island's History The deceased billionaire Robert Oatley, a renowned sailor and winemaker, originally purchased the resort for $200 million in 2003 after spotting the island from the deck a yacht while sailing through the Whitsunday passage. The island's major development phase initially started in the 1980s. For decades prior that, it was characterized by galvanised iron huts and modest accommodations that housed Australian vacationers from inland areas and from the south. Broader Portfolio and Local Heritage Blackstone also owns hotels and luxury resorts in multiple countries, including Japan, India, the Maldives, Sri Lanka, and the United States. The area is the traditional lands and seas of the Ngaro Indigenous people. The name derives from Captain James Cook, who navigated the Endeavour through the archipelago on June 3, 1770, which was Whit Sunday.