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

“It is an honor to build on the legacy and commitment of the family owners has built in the center of the iconic Great Barrier Reef,” said a senior representative.

The Reported Sale

Headquartered in New York, Blackstone – the owner of the hospitality group Crown Resorts – announced it had entered into an agreement to acquire the island resort from the Oatley family owners, subject to standard regulatory approvals.

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

The Island's Scale and Features

Positioned roughly 900 kilometers north of Brisbane and about 500km south of Cairns, Hamilton covers more than 1,130 hectares spanning two separate islands.

Approximately thirty percent of the land is built upon, featuring a substantial range of amenities:

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

Hamilton Island is described as a significant employer in the Whitsunday region, supporting a large on-island community and staff, as well as a wide network of local partners, vendors, and area businesses.

A Look Back at The Island's History

The late Robert Oatley, a renowned yachtsman and winemaker, first bought the resort for $200 million in the year 2003 after spying the island from aboard a yacht while sailing through the Whitsunday passage.

Hamilton's development boom first began in the 1980s. In the decades before that, it was characterized by galvanised iron huts and modest accommodations that hosted domestic holidaymakers from the outback and southern states.

The Buyer's Other Holdings and Local Heritage

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

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