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An iconic tropical holiday destination situated within the World Heritage-listed Great Barrier Reef has reportedly been sold to a American private equity firm for a sum reportedly valued at 1.2 billion Australian dollars.

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

The Reported Sale

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

The sellers released a statement noting they welcomed the new owners of an island that holds a “unique position in the hearts of countless Australians” and is known as “Australia’s Tropical Island”.

The Island's Scale and Features

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

Approximately 30% of the area is built upon, featuring a substantial array of amenities:

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

Hamilton Island is noted as a significant employer in the Whitsunday region, sustaining a sizable resident community and staff, as well as a wide network of local partners, suppliers, and local businesses.

A Look Back at The Island's History

The deceased Robert Oatley, a renowned yachtsman and winemaker, originally purchased the resort for A$200 million in 2003 after spotting the island from aboard a yacht during a voyage through the Whitsundays.

Hamilton's development boom first began in the 1980s. In the decades before that, it was characterized by simple iron huts and more humble quarters that housed Australian vacationers from inland areas and from the south.

The Buyer's Other Holdings and Regional Background

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

The Whitsunday region is the traditional lands and seas of the Ngaro people. Its name comes from Captain James Cook, who navigated the HMS Endeavour through the archipelago on June 3, 1770, which was Whit Sunday.