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An iconic resort island situated within the World Heritage-listed Great Barrier Reef has reportedly been sold to a American private equity firm for a sum said to be worth A$1.2 billion.

“We are honored to continue the legacy and commitment of the Oatley family has built in the heart of the iconic Great Barrier Reef,” stated a senior representative.

Details of the Sale

Headquartered in New York, the investment firm Blackstone – the owner of the hospitality group Crown Resorts – confirmed it had entered into an deal to purchase the island resort from the Oatley family owners, subject to standard approvals from regulators.

The sellers issued a comment noting they welcomed the new owners of an island that holds a “special place in the affections of countless Australians” and is known as “Australia’s Tropical Island”.

The Island's Size and Amenities

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

Approximately thirty percent of the land is developed, including a significant array of facilities:

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

Hamilton Island is noted as a significant employer in the Whitsunday region, sustaining a large on-island community and staff, as well as a wide network of regional partners, suppliers, and local businesses.

A Look Back at The Island's History

The deceased billionaire Robert Oatley, a renowned yachtsman and winemaker, originally purchased the resort for $200 million in the year 2003 after spying the island from the deck a yacht while sailing through the Whitsundays.

Hamilton's development boom initially started in the 1980s. In the decades before that, it was characterized by galvanised iron huts and more humble quarters that housed Australian vacationers from the outback and southern states.

The Buyer's Other Holdings and Local Heritage

Blackstone also owns luxury hotels and resorts in multiple countries, 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 comes from Captain James Cook, who sailed the Endeavour through the island group on June 3, 1770, which was Whit Sunday.