🔗 Share this article The Hamilton Island Resort, a Iconic Queensland Holiday Destination on the Great Barrier Reef, Reportedly Acquired by American Investment Giant. An iconic tropical holiday destination situated on the Great Barrier Reef has entered into an agreement for sale to a US-based investment group in a deal said to be worth A$1.2 billion. “It is an honor to build on the vision and dedication 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 – which also owns the hospitality group Crown Resorts – confirmed it had signed an agreement to acquire the island resort from the Oatley family, pending customary regulatory approvals. The sellers issued a comment saying they welcomed the change in ownership of an island that holds a “special place in the affections 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 spanning two separate islands. Approximately thirty percent of the area is built upon, featuring a substantial array of facilities: Five separate hotels More than 20 dining and drinking venues Twenty shops and retail spaces An 18-hole championship golf course on neighboring Dent Island A boat marina and a functioning airport The resort is described as a significant employer in the Whitsundays, sustaining a large on-island community and workforce, 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 renowned yachtsman and winemaker, first bought the resort for A$200 million in 2003 after spying the island from aboard a yacht while sailing through the Whitsunday passage. The island's development boom first began in the 1980s. In the decades before that, it was home to galvanised iron huts and more humble quarters that hosted Australian vacationers from the outback and from the south. Broader Portfolio and Regional Background The acquiring firm has ownership of luxury hotels and resorts in several nations, including Japan, India, the Maldives, Sri Lanka, and the United States. The Whitsunday region is the ancestral territory of the Ngaro people. The name comes from Captain James Cook, who navigated the HMS Endeavour through the archipelago on Sunday 3 June 1770, which was Whit Sunday.