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A major resort island situated on the Great Barrier Reef has entered into an agreement for sale to a American investment group in a deal said to be worth 1.2 billion Australian dollars.

“We are honored to build on the vision and dedication of the Oatley family has established in the heart of the iconic Great Barrier Reef,” said a senior representative.

Details of the Acquisition Agreement

The New York-headquartered, the investment firm Blackstone – which also owns the casino-hotel chain Crown Resorts – announced it had signed an agreement to acquire the island resort from the Oatley family owners, subject to standard regulatory approvals.

The sellers released a statement 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 Size and Amenities

Positioned almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton covers more than 1,130 hectares across two islands.

Roughly 30% of the area is developed, including a substantial range of amenities:

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

Hamilton Island is described as a major job provider in the Whitsunday region, supporting a large on-island community and workforce, as well as a broad network of regional partners, suppliers, and area businesses.

Historical Context at The Island's History

The deceased billionaire Robert Oatley, a well-known sailor and winemaker, originally purchased the resort for A$200 million in 2003 after spying the island from the deck a yacht while sailing through the Whitsunday passage.

The island's development boom first began in the 1980s. For decades prior that, it was home to galvanised iron huts and more humble quarters that housed Australian vacationers from the outback and southern states.

The Buyer's Other Holdings and Regional Background

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