🔗 Share this article Hamilton Island, a Popular Queensland Getaway on the World Heritage Reef, Reportedly Sold by US Investment Giant. A major tropical holiday destination located on the World Heritage-listed Great Barrier Reef has entered into an agreement for sale 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 established in the heart of the World Heritage-listed Great Barrier Reef,” said a senior representative. Details of the Sale Headquartered in New York, Blackstone – the owner of the hospitality group Crown Resorts – announced it had signed an agreement to acquire the Hamilton Island resort from the Oatley family, pending standard approvals from regulators. The sellers released a statement noting they welcomed the new owners of an island that holds a “unique position in the hearts of countless Australians” and is known as “Australia’s Tropical Island”. The Island's Size and Amenities Positioned almost 900km north of Brisbane and about 500km south of Cairns, the island spans more than 1,130 hectares across two islands. Approximately thirty percent of the area is built upon, including a significant range of amenities: Five hotels More than 20 restaurants and bars Twenty shops and retail spaces An championship 18-hole golf course on neighboring Dent Island A marina and a commercial airport The resort is described as a significant employer in the Whitsundays, supporting a large on-island community and workforce, as well as a broad network of regional partners, vendors, and area businesses. Historical Context at The Island's History The late Robert Oatley, a well-known sailor and vintner, 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 first began in the 1980s. For decades prior that, it was characterized by simple iron huts and more humble quarters that housed domestic holidaymakers from inland areas and southern states. The Buyer's Other Holdings and Local Heritage Blackstone has ownership of luxury hotels and resorts in multiple 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 HMS Endeavour through the archipelago on Sunday 3 June 1770, which was Whit Sunday.