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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.

“It is an honor to continue the vision and dedication that the family owners has built in the heart of the World Heritage-listed Great Barrier Reef,” said a company executive.

Details of the Acquisition Agreement

The New York-headquartered, Blackstone – which also owns the casino-hotel chain Crown Resorts – announced it had signed an deal to purchase the Hamilton Island resort from the Oatley family owners, subject to standard approvals from regulators.

The family issued a comment noting they welcomed the new owners of an island that holds a “special place in the affections of countless Australians” and is referred to as “Australia’s Tropical Island”.

Hamilton Island's Scale and Features

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.

Roughly thirty percent of the area is built upon, featuring a substantial range of amenities:

• Five separate hotels
• Over twenty dining and drinking venues
• 20 retail outlets
• An championship 18-hole golf course on adjacent Dent Island
• A boat marina and a commercial airport

Hamilton Island is noted as a major job provider in the Whitsundays, sustaining a sizable resident community and staff, as well as a wide network of local partners, suppliers, and local businesses.

A Look Back at The Island's History

The late billionaire Robert Oatley, a renowned yachtsman and vintner, originally purchased the resort for A$200 million in the year 2003 after spying the island from aboard a yacht while sailing through the Whitsundays.

The island's development boom first began in the 1980s. For decades prior that, it was home to simple iron huts and modest accommodations that housed Australian vacationers from inland areas and southern states.

Broader Portfolio and Regional Background

Blackstone has ownership of hotels and luxury resorts in several countries, such as Japan, India, the Maldives, Sri Lanka, and the United States.

The Whitsunday region is the ancestral territory of the Ngaro Indigenous people. Its name comes from Captain James Cook, who sailed the HMS Endeavour through the archipelago on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.