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A major resort island situated within the World Heritage-listed Great Barrier Reef has reportedly been sold to a US-based investment group in a deal said to be worth 1.2 billion Australian dollars.

“It is an honor to build on the legacy and commitment that the Oatley family has built in the center of the World Heritage-listed Great Barrier Reef,” stated a company executive.

Details of the Sale

Headquartered in New York, the investment firm Blackstone – which also owns the casino-hotel chain Crown Resorts – confirmed it had signed an deal to purchase the island resort from the Oatley family owners, pending customary approvals from regulators.

The sellers released a statement saying 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 Scale and Features

Positioned almost 900km north of Brisbane and about 500km south of Cairns, the island covers more than 1,130 hectares spanning two separate islands.

Roughly 30% of the area is developed, including a substantial range of facilities:

• Five separate 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 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 area businesses.

Historical Context at Ownership

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

Hamilton's development boom initially started in the 1980s. In the decades before that, it was home to simple iron huts and modest accommodations that hosted domestic holidaymakers from inland areas and from the south.

The Buyer's Other Holdings and Regional Background

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

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