đ Share this article Hamilton Island, one of the Iconic Tropical Getaway on the Great Barrier Reef, Reportedly Sold by US Private Equity Firm. An iconic tropical holiday destination situated within the Great Barrier Reef has entered into an agreement for sale to a US-based investment group for a sum reportedly valued at A$1.2 billion. âIt is an honor to build on the vision and dedication of the family owners has built in the center of the iconic Great Barrier Reef,â stated a company executive. The Reported Sale The New York-headquartered, Blackstone â which also owns the casino-hotel chain Crown Resorts â confirmed it had signed an deal to purchase the Hamilton Island resort from the Oatley family owners, subject to standard regulatory approvals. The family issued a comment saying they welcomed the change in ownership of an island that holds a âunique position in the hearts of countless Australiansâ and is referred to as âAustraliaâs Tropical Islandâ. Hamilton Island's Scale and Features Positioned almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton covers over 1,130 hectares across two islands. Roughly 30% of the area is built upon, featuring a substantial range of facilities: Five separate hotels More than 20 restaurants and bars 20 retail outlets An championship 18-hole golf course on adjacent Dent Island A marina and a functioning airport Hamilton Island is described as a major job provider in the Whitsundays, sustaining a large on-island community and staff, as well as a broad network of regional partners, suppliers, and local businesses. Historical Context at Ownership The late billionaire Robert Oatley, a well-known yachtsman 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. Hamilton's development boom initially started in the 1980s. In the decades before that, it was characterized by simple iron huts and modest accommodations that hosted domestic holidaymakers from the outback and from the south. The Buyer's Other Holdings and Local Heritage The acquiring firm also owns hotels and luxury resorts in multiple nations, such as 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 derives from Captain James Cook, who sailed the Endeavour through the archipelago on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.