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A major resort island located on the World Heritage-listed Great Barrier Reef has reportedly been sold to a US-based private equity firm in a deal said to be worth A$1.2 billion.

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

Details of the Acquisition Agreement

Headquartered in New York, 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, subject to customary regulatory approvals.

The family released a statement saying they were pleased with 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”.

Hamilton Island's Size and Amenities

Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, the island spans more than 1,130 hectares spanning two separate islands.

Approximately 30% of the land is developed, featuring a substantial array of amenities:

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

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

Historical Context at The Island's History

The deceased billionaire Robert Oatley, a well-known sailor and winemaker, originally purchased the resort for $200 million in 2003 after spying the island from aboard a yacht during a voyage through the Whitsundays.

The island's development boom first began in the 1980s. In the decades before that, it was characterized by galvanised iron huts and modest accommodations that housed domestic holidaymakers from the outback and from the south.

The Buyer's Other Holdings and Local Heritage

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