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A major resort island located within the Great Barrier Reef has entered into an agreement for sale to a American investment group for a sum said to be worth A$1.2 billion.

“We are honored to continue the legacy and commitment of the Oatley family has established in the heart of the iconic Great Barrier Reef,” said a senior representative.

Details of the Sale

Headquartered in New York, the investment firm Blackstone – which also owns the hospitality group Crown Resorts – confirmed it had signed an deal to purchase the Hamilton Island resort from the Oatley family, subject to standard regulatory approvals.

The sellers released a statement saying they were pleased with the new owners of an island that holds a “special place in the affections of many Australians” and is known as “Australia’s Tropical Island”.

Hamilton Island's Scale and Features

Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton covers over 1,130 hectares spanning two separate islands.

Roughly thirty percent of the area is developed, including a significant range of facilities:

• Five separate hotels
• More than 20 restaurants and bars
• 20 retail outlets
• An championship 18-hole golf course on adjacent Dent Island
• A boat marina and a functioning airport

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

A Look Back at Ownership

The late Robert Oatley, a renowned sailor and vintner, originally purchased the resort for $200 million in 2003 after spying the island from the deck a yacht while sailing through the Whitsundays.

Hamilton's major development phase initially started in the 1980s. In the decades before that, it was characterized by simple iron huts and modest accommodations that hosted Australian vacationers from inland areas and from the south.

Broader Portfolio and Regional Background

The acquiring firm has ownership of luxury hotels and resorts in multiple countries, including 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 Endeavour through the island group on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.