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A major resort island located on the Great Barrier Reef has entered into an agreement for sale to a US-based private equity firm in a deal reportedly valued at 1.2 billion Australian dollars.

“It is an honor to continue the legacy and commitment that the family owners has established in the heart of the World Heritage-listed Great Barrier Reef,” said a senior representative.

The Reported Sale

The New York-headquartered, 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 owners, subject to standard approvals from regulators.

The sellers issued a comment noting they welcomed the change in ownership of an island that holds a “unique position in the affections of countless Australians” and is known as “Australia’s Tropical Island”.

Hamilton Island's Size and Amenities

Positioned almost 900km north of Brisbane and about 500km south of Cairns, Hamilton spans more than 1,130 hectares spanning two separate islands.

Approximately thirty percent of the land is built upon, featuring a significant array of amenities:

• Five separate hotels
• More than 20 dining and drinking venues
• 20 retail outlets
• An championship 18-hole golf course on adjacent Dent Island
• A marina and a commercial airport

The resort is described as a significant employer in the Whitsunday region, supporting a sizable resident community and workforce, as well as a wide network of regional partners, vendors, and local businesses.

Historical Context at Ownership

The deceased billionaire Robert Oatley, a renowned sailor and vintner, first bought the resort for $200 million in 2003 after spying the island from the deck a yacht during a voyage through the Whitsunday passage.

Hamilton's major development phase first began in the 1980s. In the decades before that, it was home to simple iron huts and modest accommodations that housed domestic holidaymakers from inland areas and southern states.

The Buyer's Other Holdings and Local Heritage

The acquiring firm has ownership of luxury hotels and resorts in multiple countries, including Japan, India, the Maldives, Sri Lanka, and the United States.

The Whitsunday region is the ancestral territory of the Ngaro people. Its name comes from Captain James Cook, who sailed the HMS Endeavour through the island group on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.