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A major tropical holiday destination situated within the Great Barrier Reef has reportedly been sold to a American investment group for a sum said to be worth A$1.2 billion.

“We are honored to continue the vision and dedication that the family owners has established in the heart of the World Heritage-listed Great Barrier Reef,” stated a company executive.

Details of the Acquisition Agreement

Headquartered in New York, Blackstone – the owner of the hospitality group Crown Resorts – confirmed it had signed an deal to purchase the island resort from the Oatley family, pending customary approvals from regulators.

The family issued a comment noting they were pleased with the new owners of an island that holds a “unique position in the affections of countless Australians” and is known as “Australia’s Tropical Island”.

Hamilton Island's Size and Amenities

Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, the island covers more than 1,130 hectares across two islands.

Approximately thirty percent of the land is developed, including a significant range of facilities:

• Five hotels
• Over twenty dining and drinking venues
• Twenty shops and retail spaces
• An 18-hole championship golf course on neighboring Dent Island
• A boat marina and a functioning airport

Hamilton Island is noted as a major job provider in the Whitsunday region, sustaining a sizable resident community and workforce, as well as a broad network of regional partners, suppliers, and area businesses.

Historical Context at The Island's History

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

Hamilton's major development phase first began in the 1980s. For decades prior that, it was home to galvanised iron huts and more humble quarters that hosted Australian vacationers from inland areas and southern states.

The Buyer's Other Holdings and Regional Background

Blackstone has ownership of hotels and luxury resorts in multiple nations, such as Japan, India, the Maldives, Sri Lanka, and the United States.

The Whitsunday region is the traditional lands and seas of the Ngaro people. The name derives from Captain James Cook, who sailed the HMS Endeavour through the archipelago on Sunday 3 June 1770, which was Whit Sunday.