Resort island in Australia's Great Barrier Reef sells for $1.2 billion

Hamilton Island, a popular holiday destination in Australia's Great Barrier Reef, has been sold to an American private equity firm for $1.2 billion.

Blackstone, which is headquartered in New York and owns the Crown Resorts casino and hotel chain, announced that it had reached an agreement to buy Hamilton Island from the Otley family.

"We are committed to investing in the long-term success of Hamilton Island, its people, local businesses and the community," the company said in a statement.

Blackstone owns luxury hotels and resorts in Japan, India, the Maldives, Sri Lanka and the United States. 

The Otley family released a statement welcoming the new owners of an island that holds a special place in the hearts of many Australians and has become Australia's tropical island.

The island is located about 900 kilometers north of Brisbane and about 500 kilometers south of Cairns, on the tropical coast of Queensland. /CNA

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