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An iconic tropical holiday destination situated on the Great Barrier Reef has reportedly been sold to a American private equity firm for a sum said to be worth A$1.2 billion.

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

Details of the Acquisition Agreement

Headquartered in New York, Blackstone – the owner of 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 regulatory approvals.

The sellers issued a comment noting they welcomed the new owners of an island that holds a “special place in the hearts of countless Australians” and is referred to as “Australia’s Tropical Island”.

Hamilton Island's Size and Amenities

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

Roughly thirty percent of the area is built upon, including a substantial array 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 commercial airport

The resort is described as a significant employer in the Whitsunday region, sustaining a sizable resident community and staff, as well as a wide network of regional partners, vendors, and area businesses.

A Look Back at Ownership

The deceased billionaire Robert Oatley, a well-known sailor and vintner, originally purchased the resort for $200 million in 2003 after spying the island from the deck a yacht during a voyage through the Whitsundays.

The island's major development phase first began in the 1980s. For decades prior that, it was home to simple iron huts and more humble quarters that housed domestic holidaymakers from the outback and southern states.

Broader Portfolio and Regional Background

The acquiring firm also owns hotels and luxury resorts in several nations, including Japan, India, the Maldives, Sri Lanka, and the United States.

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