Hamilton Island, one of the Popular Tropical Holiday Destination on the World Heritage Reef, Reportedly Set to be Sold by American Investment Giant.

A major resort island situated on the Great Barrier Reef has reportedly been sold to a American private equity firm for a sum said to be worth A$1.2 billion.

Details of the Acquisition Agreement

Headquartered in New York, Blackstone – which also owns the hospitality group Crown Resorts – announced it had entered into an agreement to acquire the Hamilton Island resort from the Oatley family owners, subject to standard regulatory approvals.

The family issued a comment saying they were pleased with the change in ownership of an island that holds a “special place 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, Hamilton covers more than 1,130 hectares spanning two separate islands.

Roughly 30% of the area is built upon, including a substantial range of facilities:

• Five hotels
• Over twenty dining and drinking venues
• Twenty shops and retail spaces
• An championship 18-hole golf course on neighboring Dent Island
• A boat marina and a functioning airport

Hamilton Island is noted as a significant employer in the Whitsunday region, sustaining a large on-island community and workforce, as well as a broad network of regional partners, vendors, and local businesses.

A Look Back at The Island's History

The late Robert Oatley, a renowned sailor and vintner, originally purchased the resort for $200 million in 2003 after spotting the island from the deck a yacht during a voyage through the Whitsundays.

Hamilton's development boom initially started in the 1980s. For decades prior that, it was home to galvanised iron huts and more humble quarters that hosted domestic holidaymakers from the outback and southern states.

Broader Portfolio and Regional Background

Blackstone has ownership of hotels and luxury resorts in multiple countries, such as 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 sailed the HMS Endeavour through the archipelago on June 3, 1770, which was Whit Sunday.