🔗 Share this article Hamilton Island, a Popular Queensland Getaway on the Great Barrier Reef, Reportedly Set to be Acquired by US Investment Giant. A major tropical holiday destination located on the Great Barrier Reef has entered into an agreement for sale to a US-based investment group in a deal reportedly valued at A$1.2 billion. “We are honored to build on the legacy and commitment of the family owners has built in the heart of the iconic Great Barrier Reef,” stated a senior representative. Details of the Acquisition Agreement Headquartered in New York, Blackstone – which also owns the hospitality group Crown Resorts – announced it had entered into an deal to purchase the Hamilton Island resort from the Oatley family, subject to standard regulatory approvals. The family released a statement saying they welcomed the new owners of an island that holds a “special place in the hearts of countless Australians” and is referred to as “Australia’s Tropical Island”. The Island's Size and Amenities Positioned almost 900km north of Brisbane and about 500km south of Cairns, Hamilton spans more than 1,130 hectares across two islands. Roughly 30% of the land is built upon, featuring a significant range of amenities: Five hotels Over twenty restaurants and bars 20 retail outlets An championship 18-hole golf course on adjacent Dent Island A marina and a commercial airport Hamilton Island is described as a major job provider in the Whitsunday region, sustaining a large on-island community and workforce, as well as a wide network of local partners, suppliers, and local businesses. Historical Context at Ownership The deceased Robert Oatley, a renowned yachtsman and vintner, first bought the resort for A$200 million in the year 2003 after spying the island from the deck a yacht while sailing through the Whitsunday passage. The island's development boom initially started in the 1980s. For decades prior that, it was home to galvanised iron huts and more humble quarters that housed Australian vacationers from inland areas and southern states. The Buyer's Other Holdings and Local Heritage The acquiring firm also owns luxury hotels and resorts in multiple nations, such as 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 navigated the HMS Endeavour through the island group on Sunday 3 June 1770, which was Whit Sunday.