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An iconic resort island situated within the World Heritage-listed Great Barrier Reef has reportedly been sold to a American investment group for a sum reportedly valued at 1.2 billion Australian dollars.

“It is an honor to build on the legacy and commitment of the family owners has established 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 – which also owns the hospitality group Crown Resorts – confirmed it had entered into an deal to purchase the island resort from the Oatley family, subject to customary approvals from regulators.

The sellers released a statement saying they were pleased with the new owners 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

Located almost 900km north of Brisbane and about 500km south of Cairns, the island covers more than 1,130 hectares across two islands.

Approximately 30% of the area is built upon, featuring a significant range of facilities:

• Five hotels
• More than 20 restaurants and bars
• 20 retail outlets
• An championship 18-hole golf course on adjacent Dent Island
• A boat marina and a functioning airport

Hamilton Island is noted as a major job provider 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 sailor and vintner, 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. For decades prior that, it was characterized by simple iron huts and more humble quarters that hosted Australian vacationers from inland areas and southern states.

Broader Portfolio and Local Heritage

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

The Whitsunday region is the traditional lands and seas of the Ngaro Indigenous people. Its name comes from Captain James Cook, who navigated the HMS Endeavour through the archipelago on Sunday 3 June 1770, which was Whit Sunday.