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An iconic tropical holiday destination situated on the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a US-based private equity firm for a sum said to be worth A$1.2 billion.

“It is an honor to build on the vision and dedication that the family owners has established in the center of the iconic Great Barrier Reef,” said a senior representative.

Details of the Sale

Headquartered in New York, Blackstone – the owner of the hospitality group Crown Resorts – confirmed it had signed an agreement to acquire the Hamilton 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 affections of countless Australians” and is referred to as “Australia’s Tropical Island”.

The Island's Size and Amenities

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

Roughly thirty percent of the area is developed, featuring a substantial array of facilities:

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

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

Historical Context at Ownership

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

The island's major development phase initially started in the 1980s. In the decades before that, it was home to simple iron huts and more humble quarters that housed Australian vacationers from inland areas and southern states.

The Buyer's Other Holdings and Regional Background

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

The area is the traditional lands and seas of the Ngaro Indigenous people. The name comes from Captain James Cook, who sailed the HMS Endeavour through the island group on Sunday 3 June 1770, which was Whit Sunday.