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An iconic tropical holiday destination situated within the Great Barrier Reef has reportedly been sold to a American investment group in a deal reportedly valued at 1.2 billion Australian dollars.

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

Details of the Acquisition Agreement

The New York-headquartered, the investment firm Blackstone – which also owns the hospitality group Crown Resorts – confirmed it had entered into an agreement to acquire the island resort from the Oatley family, subject to customary approvals from regulators.

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

Hamilton Island's Size and Amenities

Positioned roughly 900 kilometers north of Brisbane and approximately 500 kilometers south of Cairns, the island spans over 1,130 hectares across two islands.

Roughly thirty percent of the land is built upon, featuring a substantial array of facilities:

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

The resort is noted as a major job provider in the Whitsunday region, supporting a large on-island community and staff, as well as a wide network of regional partners, vendors, and local businesses.

A Look Back at Ownership

The deceased billionaire Robert Oatley, a well-known yachtsman and vintner, first bought the resort for $200 million in 2003 after spotting the island from the deck 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 galvanised iron huts and more humble quarters that hosted Australian vacationers from inland areas and southern states.

The Buyer's Other Holdings and Regional Background

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

The Whitsunday region is the ancestral territory of the Ngaro Indigenous people. The name derives from Captain James Cook, who navigated the HMS Endeavour through the archipelago on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.