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An iconic resort island located within the World Heritage-listed Great Barrier Reef has reportedly been sold to a American investment group in a deal reportedly valued at A$1.2 billion.

“We are honored to continue the legacy and commitment of the family owners has established in the center of the World Heritage-listed Great Barrier Reef,” said a company executive.

The Reported Sale

The New York-headquartered, Blackstone – which also owns the hospitality group Crown Resorts – confirmed it had signed an deal to purchase the Hamilton Island resort from the Oatley family, subject to customary approvals from regulators.

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

The Island's Size and Amenities

Positioned almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, the island spans over 1,130 hectares spanning two separate islands.

Roughly thirty percent of the area is developed, featuring a significant array of facilities:

• Five hotels
• Over twenty dining and drinking venues
• 20 retail outlets
• An championship 18-hole golf course on adjacent Dent Island
• A boat marina and a commercial airport

The resort is described as a major job provider in the Whitsundays, sustaining a sizable resident community and workforce, as well as a wide network of local partners, vendors, and local businesses.

A Look Back at Ownership

The deceased Robert Oatley, a well-known sailor and vintner, first bought the resort for $200 million in the year 2003 after spotting the island from aboard a yacht during a voyage through the Whitsunday passage.

Hamilton's major development phase initially started in the 1980s. In the decades before that, it was home to simple iron huts and modest accommodations that housed Australian vacationers from the outback and southern states.

Broader Portfolio and Local Heritage

Blackstone also owns luxury hotels and resorts in several 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 comes from Captain James Cook, who navigated the Endeavour through the archipelago on June 3, 1770, which was Whit Sunday.