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An iconic tropical holiday destination 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 1.2 billion Australian dollars.

“It is an honor to build on the vision and dedication that the family owners has established in the center of the World Heritage-listed Great Barrier Reef,” stated a senior representative.

Details of the Acquisition Agreement

The New York-headquartered, the investment firm Blackstone – which also owns the casino-hotel chain Crown Resorts – announced it had entered into an agreement to acquire the Hamilton Island resort from the Oatley family, subject to standard approvals from regulators.

The family released a statement saying they were pleased with the change in ownership of an island that holds a “unique position in the hearts of many Australians” and is referred to as “Australia’s Tropical Island”.

The Island's Scale and Features

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

Roughly 30% 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 18-hole championship golf course on adjacent Dent Island
• A boat marina and a functioning airport

The resort is noted as a major job provider in the Whitsunday region, sustaining a large on-island community and staff, as well as a broad network of local partners, vendors, and local businesses.

A Look Back at Ownership

The late billionaire Robert Oatley, a well-known yachtsman and vintner, first bought the resort for A$200 million in 2003 after spotting 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 home to galvanised iron huts and more humble quarters that hosted domestic holidaymakers from the outback and southern states.

Broader Portfolio and Regional Background

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

The area is the ancestral territory of the Ngaro Indigenous people. Its name comes from Captain James Cook, who sailed the Endeavour through the archipelago on Sunday 3 June 1770, which was Whit Sunday.