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A major resort island situated within the Great Barrier Reef has entered into an agreement for sale to a US-based private equity firm in a deal said to be worth 1.2 billion Australian dollars.

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

Details of the Acquisition Agreement

The New York-headquartered, Blackstone – which also owns the casino-hotel chain Crown Resorts – confirmed it had signed an deal to purchase the island resort from the Oatley family, subject to standard regulatory approvals.

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

Hamilton Island's Size and Amenities

Positioned 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 area is developed, featuring a significant array of amenities:

• Five hotels
• More than 20 restaurants and bars
• Twenty shops and retail spaces
• An championship 18-hole golf course on adjacent Dent Island
• A marina and a functioning airport

The resort is noted as a major job provider in the Whitsunday region, sustaining a sizable resident community and staff, as well as a wide network of local partners, suppliers, and area businesses.

Historical Context at Ownership

The late billionaire Robert Oatley, a well-known sailor and vintner, originally purchased the resort for A$200 million in 2003 after spotting the island from aboard a yacht while sailing through the Whitsunday passage.

Hamilton's development boom initially started in the 1980s. For decades prior that, it was characterized by simple iron huts and modest accommodations that housed domestic holidaymakers from the outback and southern states.

The Buyer's Other Holdings and Local Heritage

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

The area is the traditional lands and seas of the Ngaro Indigenous people. Its 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.