🔗 Share this article Hamilton Island, one of the Iconic Tropical Getaway on the Great Barrier Reef, Reportedly Set to be Acquired by US Investment Giant. An iconic resort island situated on the Great Barrier Reef has reportedly been sold to a US-based investment group for a sum reportedly valued at 1.2 billion Australian dollars. “It is an honor to continue the legacy and commitment of the family owners has established in the heart of the iconic Great Barrier Reef,” stated a company executive. The Reported Acquisition Agreement Headquartered in New York, Blackstone – the owner of the casino-hotel chain Crown Resorts – announced it had signed an deal to purchase the island resort from the Oatley family, pending customary 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 known as “Australia’s Tropical Island”. Hamilton Island's Scale and Features Located almost 900km north of Brisbane and about 500km south of Cairns, the island covers more than 1,130 hectares across two islands. Roughly thirty percent of the land is built upon, featuring a substantial array of amenities: Five separate hotels More than 20 restaurants and bars 20 retail outlets An championship 18-hole golf course on neighboring Dent Island A boat marina and a commercial airport Hamilton Island is noted as a significant employer in the Whitsundays, sustaining a sizable resident community and staff, as well as a broad network of regional partners, vendors, and local businesses. Historical Context at The Island's History The late billionaire Robert Oatley, a well-known yachtsman and vintner, 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 first began in the 1980s. For decades prior that, it was characterized by simple iron huts and more humble quarters that housed Australian vacationers from inland areas and southern states. The Buyer's Other Holdings and Local Heritage The acquiring firm has ownership of hotels and luxury 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 derives from Captain James Cook, who navigated the Endeavour through the archipelago on June 3, 1770, which was the Christian holiday of Whit Sunday.