🔗 Share this article Hamilton Island, one of the Iconic Tropical Holiday Destination on the World Heritage Reef, Reportedly Acquired by US Investment Giant. An iconic resort island situated on the Great Barrier Reef has entered into an agreement for sale to a US-based 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 heart of the iconic Great Barrier Reef,” said a company executive. The Reported Acquisition Agreement The New York-headquartered, Blackstone – the owner of the casino-hotel chain Crown Resorts – confirmed it had entered into an agreement to acquire the Hamilton Island resort from the Oatley family, subject to standard approvals from regulators. The family issued a comment noting they were pleased with the change in ownership of an island that holds a “unique position in the hearts of many Australians” and is known as “Australia’s Tropical Island”. Hamilton Island's Scale and Features Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, the island spans more than 1,130 hectares across two islands. Roughly thirty percent of the land is built upon, featuring a substantial array of amenities: Five hotels More than 20 restaurants and bars 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 significant employer in the Whitsunday region, supporting a sizable resident community and staff, as well as a broad network of regional partners, vendors, and local businesses. Historical Context at The Island's History The deceased Robert Oatley, a well-known yachtsman and vintner, first bought the resort for $200 million in 2003 after spotting the island from the deck a yacht while sailing through the Whitsundays. Hamilton's development boom initially started in the 1980s. For decades prior that, it was characterized by galvanised iron huts and modest accommodations that housed domestic holidaymakers from the outback and from the south. Broader Portfolio and Local Heritage Blackstone also owns luxury hotels and resorts in several countries, including Japan, India, the Maldives, Sri Lanka, and the United States. The area is the traditional lands and seas of the Ngaro people. Its name comes from Captain James Cook, who navigated the Endeavour through the island group on June 3, 1770, which was the Christian holiday of Whit Sunday.