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A major resort island situated within the World Heritage-listed Great Barrier Reef has reportedly been sold to a American private equity firm in a deal reportedly valued at 1.2 billion Australian dollars.

“It is an honor to build on the vision and dedication of the family owners has established in the center of the World Heritage-listed Great Barrier Reef,” stated a company executive.

Details of the Sale

Headquartered in New York, Blackstone – the owner of the hospitality group Crown Resorts – announced it had signed an agreement to acquire the Hamilton Island resort from the Oatley family owners, subject to customary approvals from regulators.

The sellers 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 almost 900km north of Brisbane and about 500km south of Cairns, the island covers more than 1,130 hectares spanning two separate islands.

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

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

The resort is noted as a significant employer 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.

Historical Context at Ownership

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

Hamilton's development boom initially started in the 1980s. In the decades before that, it was characterized by galvanised iron huts and more humble quarters that hosted domestic holidaymakers from inland areas and southern states.

The Buyer's Other Holdings and Local Heritage

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

The Whitsunday region is the ancestral territory 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 the Christian holiday of Whit Sunday.