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An iconic resort island located on the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a American private equity firm in a deal said to be worth 1.2 billion Australian dollars.

“We are honored to continue the vision and dedication that the family owners has established in the center of the World Heritage-listed Great Barrier Reef,” said a senior representative.

Details of the Acquisition Agreement

The New York-headquartered, the investment firm Blackstone – the owner of the casino-hotel chain Crown Resorts – announced it had signed an deal to purchase the Hamilton Island resort from the Oatley family owners, pending standard approvals from regulators.

The family issued a comment saying they welcomed 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 Scale and Features

Located roughly 900 kilometers north of Brisbane and about 500km south of Cairns, the island covers over 1,130 hectares spanning two separate islands.

Approximately thirty percent of the land is built upon, including a significant array of amenities:

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

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

A Look Back at The Island's History

The deceased Robert Oatley, a well-known yachtsman and vintner, first bought the resort for $200 million in 2003 after spotting the island from the deck a yacht during a voyage through the Whitsunday passage.

The island's development boom initially started in the 1980s. In the decades before that, it was home to galvanised iron huts and modest accommodations that hosted domestic holidaymakers from inland areas and southern states.

The Buyer's Other Holdings and Regional Background

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

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