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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 US-based investment group for a sum said to be worth 1.2 billion Australian dollars.

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

Details of the Sale

The New York-headquartered, the investment firm Blackstone – which also owns the hospitality group Crown Resorts – announced it had entered into an deal to purchase the Hamilton Island resort from the Oatley family owners, pending standard approvals from regulators.

The sellers issued a comment noting they welcomed the new owners of an island that holds a “special place in the affections of many 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 more than 1,130 hectares spanning two separate islands.

Roughly thirty percent of the land is built upon, including a substantial range of facilities:

• Five separate hotels
• More than 20 restaurants and bars
• Twenty shops and retail spaces
• An championship 18-hole golf course on adjacent Dent Island
• A marina and a commercial airport

The resort is noted as a significant employer in the Whitsundays, supporting a large on-island community and workforce, as well as a wide network of regional partners, suppliers, and local businesses.

A Look Back at Ownership

The late Robert Oatley, a well-known sailor and winemaker, first bought the resort for $200 million in the year 2003 after spotting the island from the deck a yacht during a voyage through the Whitsundays.

The island's development boom 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 the outback and from the south.

Broader Portfolio and Regional Background

The acquiring firm also owns luxury hotels and resorts in multiple countries, 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. Its name comes from Captain James Cook, who sailed the Endeavour through the island group on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.