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A major tropical holiday destination located within the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a US-based investment group in a deal said to be worth 1.2 billion Australian dollars.

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

Details of the Acquisition Agreement

The New York-headquartered, Blackstone – the owner of the casino-hotel chain Crown Resorts – confirmed it had signed an deal to purchase the island resort from the Oatley family, subject to customary approvals from regulators.

The family issued a comment saying they were pleased with the change in ownership 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 almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton spans over 1,130 hectares spanning two separate islands.

Roughly 30% of the land is built upon, featuring a significant range of facilities:

• Five separate hotels
• Over twenty restaurants and bars
• Twenty shops and retail spaces
• An championship 18-hole golf course on neighboring Dent Island
• A boat marina and a commercial airport

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

A Look Back at Ownership

The late Robert Oatley, a well-known sailor and winemaker, first bought the resort for A$200 million in 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 more humble quarters that hosted Australian vacationers from inland areas and southern states.

Broader Portfolio 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 ancestral territory of the Ngaro people. Its name comes from Captain James Cook, who navigated the HMS Endeavour through the archipelago on June 3, 1770, which was Whit Sunday.