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A major tropical holiday destination situated on the World Heritage-listed Great Barrier Reef has reportedly been sold to a US-based investment group in a deal reportedly valued at A$1.2 billion.

“It is an honor to continue the vision and dedication of the family owners has established in the center of the iconic Great Barrier Reef,” stated a company executive.

The Reported Sale

Headquartered in New York, Blackstone – the owner of the casino-hotel chain Crown Resorts – confirmed it had signed an agreement to acquire the Hamilton Island resort from the Oatley family owners, subject to customary approvals from regulators.

The family issued a comment saying they were pleased with the change in ownership of an island that holds a “unique position in the hearts of many Australians” and is referred to as “Australia’s Tropical Island”.

Hamilton Island's Size and Amenities

Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, the island covers over 1,130 hectares across two islands.

Approximately thirty percent of the land is developed, including a substantial range of amenities:

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

Hamilton Island is described as a major job provider in the Whitsundays, sustaining a sizable resident community and staff, as well as a wide network of local partners, vendors, and area businesses.

A Look Back at Ownership

The deceased Robert Oatley, a renowned sailor and vintner, originally purchased the resort for $200 million in the year 2003 after spotting the island from aboard a yacht while sailing through the Whitsundays.

The island'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 the outback and from the south.

Broader Portfolio and Local Heritage

Blackstone has ownership of hotels and luxury resorts in several countries, such as Japan, India, the Maldives, Sri Lanka, and the United States.

The area is the ancestral territory of the Ngaro Indigenous people. Its name derives from Captain James Cook, who sailed the HMS Endeavour through the island group on Sunday 3 June 1770, which was Whit Sunday.