🔗 Share this article

An iconic resort island located on the World Heritage-listed Great Barrier Reef has entered into an agreement for sale 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 of the family owners has built in the heart of the World Heritage-listed Great Barrier Reef,” stated a company executive.

Details of the Acquisition Agreement

The New York-headquartered, Blackstone – the owner of the casino-hotel chain Crown Resorts – confirmed it had signed an deal to purchase the island resort from the Oatley family, subject to standard regulatory approvals.

The family released a statement noting they welcomed the change in ownership of an island that holds a “special place in the hearts of many 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 more than 1,130 hectares spanning two separate islands.

Approximately thirty percent of the area is built upon, featuring a substantial range of facilities:

• Five separate hotels
• Over twenty restaurants and bars
• 20 retail outlets
• An 18-hole championship golf course on adjacent Dent Island
• A boat marina and a functioning airport

The resort is described as a major job provider in the Whitsundays, sustaining a sizable resident community and workforce, as well as a broad network of local partners, suppliers, and area businesses.

A Look Back at Ownership

The deceased Robert Oatley, a well-known yachtsman and winemaker, originally purchased the resort for $200 million in the year 2003 after spotting the island from aboard a yacht while sailing through the Whitsunday passage.

The island's major development phase initially started in the 1980s. In the decades before that, it was characterized by galvanised iron huts and more humble quarters that housed Australian vacationers from the outback and southern states.

Broader Portfolio and Regional Background

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

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