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A major resort island located on the Great Barrier Reef has entered into an agreement for sale to a US-based investment group for a sum reportedly valued at 1.2 billion Australian dollars.

“We are honored to build on the vision and dedication that the family owners has established in the heart of the World Heritage-listed Great Barrier Reef,” said a company executive.

Details of the Acquisition Agreement

Headquartered in New York, Blackstone – which also owns the hospitality group Crown Resorts – announced it had signed an deal to purchase the island resort from the Oatley family owners, subject to standard regulatory approvals.

The family issued a comment noting they were pleased with the new owners 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 Size and Amenities

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

Roughly thirty percent of the area is developed, including a significant array of amenities:

• Five hotels
• More than 20 dining and drinking venues
• 20 retail outlets
• An 18-hole championship golf course on neighboring Dent Island
• A marina and a commercial airport

The resort is described as a significant employer in the Whitsunday region, supporting a large on-island community and workforce, as well as a wide network of regional partners, suppliers, and area businesses.

A Look Back at Ownership

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

Hamilton's major development phase initially started in the 1980s. For decades prior that, it was home to galvanised iron huts and more humble quarters that housed domestic holidaymakers from inland areas and southern states.

The Buyer's Other Holdings and Local Heritage

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

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