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A major resort island situated on the Great Barrier Reef has entered into an agreement for sale to a US-based investment group for a sum reportedly valued at A$1.2 billion.

“We are honored to continue the legacy and commitment of the Oatley family has built in the heart of the iconic Great Barrier Reef,” stated a company executive.

The Reported Sale

Headquartered in New York, the investment firm Blackstone – which also owns the hospitality group Crown Resorts – confirmed it had entered into an agreement to acquire the island resort from the Oatley family owners, pending customary approvals from regulators.

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

Hamilton Island's Scale and Features

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

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

• Five separate hotels
• More than 20 restaurants and bars
• Twenty shops and retail spaces
• An 18-hole championship golf course on neighboring Dent Island
• A marina and a functioning airport

The resort is noted as a significant employer in the Whitsundays, sustaining a large on-island community and workforce, as well as a wide network of regional partners, suppliers, and area businesses.

A Look Back at Ownership

The late Robert Oatley, a well-known sailor and winemaker, originally purchased the resort for $200 million in the year 2003 after spying 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 domestic holidaymakers from inland areas and southern states.

The Buyer's Other Holdings and Regional Background

The acquiring firm also owns luxury hotels and 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 people. The name derives from Captain James Cook, who navigated the HMS Endeavour through the island group on June 3, 1770, which was Whit Sunday.