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An iconic resort island located on the World Heritage-listed Great Barrier Reef has entered into an agreement for sale to a American investment group in a deal said to be worth A$1.2 billion.

“It is an honor to continue the legacy and commitment that the family owners has established in the center of the World Heritage-listed Great Barrier Reef,” stated a company executive.

Details of the Sale

Headquartered in New York, Blackstone – which also owns the casino-hotel chain Crown Resorts – confirmed it had entered into an deal to purchase the Hamilton Island resort from the Oatley family, subject to customary approvals from regulators.

The family released a statement saying they were pleased with the new owners of an island that holds a “special place in the affections of many Australians” and is referred to as “Australia’s Tropical Island”.

Hamilton Island's Size and Amenities

Positioned almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton spans more than 1,130 hectares across two islands.

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

• Five separate hotels
• More than 20 dining and drinking venues
• 20 retail outlets
• An championship 18-hole golf course on adjacent Dent Island
• A boat marina and a functioning airport

The resort is noted as a significant employer in the Whitsundays, sustaining a sizable resident community and workforce, as well as a wide network of local 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 $200 million in 2003 after spying 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 simple iron huts and more humble quarters that housed domestic holidaymakers from inland areas and from the south.

The Buyer's Other Holdings and Regional Background

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

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