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A major resort island situated on the Great Barrier Reef has reportedly been sold to a American private equity firm for a sum reportedly valued at 1.2 billion Australian dollars.

“We are honored to build on the vision and dedication of the Oatley family has built in the center of the iconic Great Barrier Reef,” said a senior representative.

Details of the Sale

Headquartered in New York, Blackstone – which also owns the casino-hotel chain Crown Resorts – announced it had signed an agreement to acquire the island resort from the Oatley family, pending customary approvals from regulators.

The family issued a comment noting they were pleased with the new owners of an island that holds a “special place in the affections of countless Australians” and is referred to as “Australia’s Tropical Island”.

The Island's Size and Amenities

Positioned almost 900km north of Brisbane and about 500km south of Cairns, the island covers over 1,130 hectares across two islands.

Roughly thirty percent of the land is built upon, featuring a significant array of amenities:

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

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

A Look Back at Ownership

The late Robert Oatley, a well-known yachtsman and winemaker, first bought the resort for $200 million in the year 2003 after spotting the island from aboard a yacht during a voyage through the Whitsunday passage.

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

The Buyer's Other Holdings and Local Heritage

Blackstone has ownership of luxury hotels and 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 derives from Captain James Cook, who sailed the Endeavour through the island group on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.