đ Share this article Hamilton Island, one of the Iconic Queensland Getaway on the World Heritage Reef, Reportedly Acquired by US Investment Giant. A major tropical holiday destination located on the Great Barrier Reef has entered into an agreement for sale to a American private equity firm in a deal said to be worth 1.2 billion Australian dollars. âWe are honored to continue the vision and dedication of the family owners has established in the center of the iconic Great Barrier Reef,â said a company executive. Details of the Sale Headquartered in New York, Blackstone â the owner of the casino-hotel chain Crown Resorts â confirmed it had entered into an deal to purchase the Hamilton Island resort from the Oatley family owners, subject to standard regulatory approvals. The family issued a comment saying they were pleased with the new owners of an island that holds a âspecial place in the affections of countless Australiansâ and is known as âAustraliaâs Tropical Islandâ. Hamilton Island's Scale and Features Located almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton spans over 1,130 hectares across two islands. Approximately thirty percent of the land is built upon, featuring a significant array of facilities: Five separate hotels More than 20 dining and drinking venues Twenty shops and retail spaces An championship 18-hole golf course on neighboring 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 staff, as well as a wide network of regional partners, suppliers, and area businesses. Historical Context at The Island's History The late Robert Oatley, a well-known yachtsman and vintner, originally purchased the resort for A$200 million in the year 2003 after spotting the island from the deck a yacht while sailing through the Whitsunday passage. The island's major development phase first began in the 1980s. In the decades before that, it was characterized by galvanised iron huts and more humble quarters that housed domestic holidaymakers from inland areas and from the south. The Buyer's Other Holdings and Local Heritage The acquiring firm also owns hotels and luxury resorts in several countries, 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 navigated the Endeavour through the archipelago on Sunday 3 June 1770, which was Whit Sunday.