🔗 Share this article The Hamilton Island Resort, a Popular Queensland Holiday Destination on the World Heritage Reef, Reportedly Sold by US Investment Giant. An iconic resort island situated within the Great Barrier Reef has reportedly been sold to a American investment group in a deal reportedly valued at 1.2 billion Australian dollars. “It is an honor to build on the legacy and commitment that the family owners has built in the center of the World Heritage-listed Great Barrier Reef,” said a company executive. Details of the Sale Headquartered in New York, Blackstone – which also owns the hospitality group Crown Resorts – announced it had entered into an agreement to acquire the island resort from the Oatley family, pending customary approvals from regulators. The sellers issued a comment saying they were pleased with the change in ownership of an island that holds a “unique position in the hearts of countless Australians” and is known as “Australia’s Tropical Island”. Hamilton Island's Scale and Features Positioned almost 900km north of Brisbane and about 500km south of Cairns, the island spans more than 1,130 hectares spanning two separate islands. Roughly 30% of the area is built upon, featuring a significant range of facilities: Five hotels Over twenty dining and drinking venues Twenty shops and retail spaces An 18-hole championship golf course on neighboring Dent Island A marina and a functioning airport The resort is noted as a major job provider in the Whitsunday region, sustaining a sizable resident community and staff, as well as a wide network of regional partners, vendors, and local businesses. Historical Context at The Island's History The late Robert Oatley, a well-known yachtsman and vintner, originally purchased the resort for A$200 million in 2003 after spotting the island from the deck a yacht during a voyage through the Whitsundays. The island's major development phase first began in the 1980s. For decades prior that, it was characterized by galvanised iron huts and modest accommodations that housed Australian vacationers from the outback and from the south. The Buyer's Other Holdings and Regional Background The acquiring firm also owns hotels and luxury resorts in several nations, such as Japan, India, the Maldives, Sri Lanka, and the United States. The area is the traditional lands and seas of the Ngaro people. The name comes from Captain James Cook, who navigated the Endeavour through the archipelago on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.