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A major tropical holiday destination situated within the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a US-based investment group for a sum said to be worth 1.2 billion Australian dollars.

“We are honored to build on the vision and dedication that the family owners has established in the heart of the World Heritage-listed Great Barrier Reef,” said a senior representative.

Details of the Acquisition Agreement

Headquartered in New York, Blackstone – which also owns the casino-hotel chain Crown Resorts – confirmed it had entered into an agreement to acquire the Hamilton Island resort from the Oatley family, pending customary regulatory approvals.

The family released a statement noting they were pleased with the change in ownership of an island that holds a “special place in the affections of many Australians” and is referred to as “Australia’s Tropical Island”.

Hamilton Island's Scale and Features

Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton covers over 1,130 hectares spanning two separate islands.

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

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

Hamilton Island is noted as a major job provider in the Whitsundays, supporting a large on-island community and workforce, as well as a broad network of regional partners, vendors, and local businesses.

A Look Back at Ownership

The late billionaire Robert Oatley, a well-known yachtsman and winemaker, originally purchased the resort for A$200 million in 2003 after spotting the island from aboard a yacht while sailing through the Whitsundays.

Hamilton's development boom initially started in the 1980s. For decades prior that, it was characterized by simple iron huts and more humble quarters that hosted domestic holidaymakers from inland areas and southern states.

The Buyer's Other Holdings and Regional Background

The acquiring firm has ownership of luxury hotels and 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 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.