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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 investment group for a sum said to be worth 1.2 billion Australian dollars.

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

The Reported Acquisition Agreement

The New York-headquartered, Blackstone – the owner of the hospitality group 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 issued a comment saying they welcomed 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”.

The Island's Scale and Features

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

Approximately thirty percent of the area is developed, including a substantial range of facilities:

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

Hamilton Island is noted as a significant employer in the Whitsunday region, supporting a large on-island community and staff, as well as a broad network of regional partners, suppliers, and area businesses.

Historical Context at The Island's History

The deceased billionaire Robert Oatley, a renowned sailor and vintner, first bought the resort for $200 million in 2003 after spying the island from the deck a yacht while sailing through the Whitsundays.

Hamilton's major development phase first began in the 1980s. In the decades before that, it was characterized by simple iron huts and more humble quarters that hosted Australian vacationers from the outback and from the south.

The Buyer's Other Holdings and Regional Background

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

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