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An iconic tropical holiday destination located on the World Heritage-listed Great Barrier Reef has reportedly been sold to a American investment group for a sum said to be worth A$1.2 billion.

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

The Reported Acquisition Agreement

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

The sellers issued a comment noting they welcomed the new owners of an island that holds a “unique position in the hearts of many Australians” and is known as “Australia’s Tropical Island”.

Hamilton Island's Scale and Features

Located almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton spans over 1,130 hectares spanning two separate islands.

Roughly thirty percent of the area is built upon, featuring a significant range of facilities:

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

The resort is described as a major job provider in the Whitsundays, sustaining a large on-island community and staff, as well as a broad network of regional partners, vendors, and area businesses.

A Look Back at Ownership

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

The island's major development phase initially started in the 1980s. For decades prior that, it was characterized by simple iron huts and modest accommodations that hosted Australian vacationers from inland areas and from the south.

Broader Portfolio and Local Heritage

Blackstone has ownership of hotels and luxury resorts in several nations, including 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 derives from Captain James Cook, who navigated the Endeavour through the island group on Sunday 3 June 1770, which was Whit Sunday.