🔗 Share this article The Hamilton Island Resort, one of the Popular Tropical Holiday Destination on the Great Barrier Reef, Reportedly Set to be Sold by American Investment Giant. An iconic resort island situated on the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a American investment group in a deal reportedly valued at 1.2 billion Australian dollars. “We are honored to build on the legacy and commitment of the Oatley family has established in the heart of the iconic Great Barrier Reef,” said a company executive. The Reported Acquisition Agreement The New York-headquartered, the investment firm Blackstone – the owner of the hospitality group 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 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”. Hamilton 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. Roughly 30% of the land is built upon, including a significant array 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 noted as a major job provider in the Whitsunday region, supporting a large on-island community and workforce, as well as a broad network of local partners, vendors, and area businesses. A Look Back at The Island's History The deceased billionaire Robert Oatley, a renowned yachtsman and vintner, first bought the resort for A$200 million in the year 2003 after spotting the island from aboard a yacht during a voyage through the Whitsunday passage. The island's major development phase initially started in the 1980s. In the decades before that, it was home to galvanised iron huts and modest accommodations that housed domestic holidaymakers from inland areas and southern states. The Buyer's Other Holdings and Regional Background 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 area is the traditional lands and seas of the Ngaro people. The name comes from Captain James Cook, who sailed the Endeavour through the island group on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.