Hamilton Island, a beloved tropical holiday spot on Australia’s Great Barrier Reef, has been sold to Blackstone, a US private equity giant, for $1.2 billion. Blackstone, known for owning Crown Resorts, confirmed the deal on Tuesday night. The purchase is pending usual regulatory approvals. The Oatley family, who have owned the island since 2003, welcomed the change. They said the island holds a “special place in the hearts of many Australians” and called it “Australia’s Tropical Island.” Located almost 900 km north of Brisbane and 500 km south of Cairns, Hamilton Island spans more than 1,130 hectares across two islands. Around 30% of it is developed with five hotels, over 20 restaurants and bars, 20 retail shops, a marina, a commercial airport, and an 18-hole golf course on nearby Dent Island. Blackstone highlighted that Hamilton Island supports a large local workforce and many regional businesses. Chris Heady, Blackstone’s regional head of real estate, said, "We are honored to build on the vision and dedication that the Oatley family" and pledged to invest in the island’s future, its people, and businesses. The Oatley family have a rich history with Hamilton Island. The late Robert Oatley, a billionaire sailor and winemaker, bought the island for $200 million after spotting it while yachting through the Whitsundays. The Whitsundays, made up of 74 stunning islands, were named by Captain James Cook in 1770. The area is traditional land of the Ngaro people and is known for its natural beauty. Hamilton Island’s growth took off in the 1980s, transforming from humble huts to a major tourist destination on the Great Barrier Reef.