🔗 Share this article

A major tropical holiday destination situated within the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a American investment group for a sum said to be worth 1.2 billion Australian dollars.

“It is an honor to continue the vision and dedication of the family owners has built in the center of the World Heritage-listed Great Barrier Reef,” said a company executive.

Details of the Acquisition Agreement

Headquartered in New York, Blackstone – which also owns the hospitality group Crown Resorts – confirmed it had entered into an agreement to acquire the island resort from the Oatley family, pending customary regulatory approvals.

The family issued a comment saying they welcomed the new owners of an island that holds a “special place in the affections of countless Australians” and is known as “Australia’s Tropical Island”.

Hamilton Island's Size and Amenities

Located roughly 900 kilometers north of Brisbane and about 500km south of Cairns, the island spans over 1,130 hectares across two islands.

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

• Five separate hotels
• Over twenty restaurants and bars
• Twenty shops and retail spaces
• An championship 18-hole golf course on adjacent Dent Island
• A marina and a commercial airport

The resort is described as a major job provider in the Whitsunday region, supporting a sizable resident community and staff, as well as a wide network of regional partners, vendors, and area businesses.

A Look Back at The Island's History

The late billionaire Robert Oatley, a renowned yachtsman and winemaker, first bought the resort for A$200 million in 2003 after spying the island from the deck a yacht during a voyage through the Whitsunday passage.

The island's major development phase first began in the 1980s. In the decades before that, it was characterized by simple iron huts and more humble quarters that hosted Australian vacationers from the outback and southern states.

The Buyer's Other Holdings and Regional Background

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

The Whitsunday region is the ancestral territory of the Ngaro Indigenous people. The name derives from Captain James Cook, who navigated the HMS Endeavour through the archipelago on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.