Hamilton Island, a renowned tropical getaway, is poised for a significant transition as its current owners prepare to sell the idyllic retreat to a U.S.-based private equity firm.

Blackstone, a global investment giant managing over $1.2 trillion in assets, is set to acquire the island. This move follows their notable $8.9 billion acquisition of Crown Resorts several years ago.

The Oatley family, who have owned Hamilton Island since 2003, initially secured the property by purchasing all the shares of the then publicly-listed company. Their stewardship began under the vision of the late Bob Oatley, a celebrated Australian winemaker and the family’s patriarch, who aimed to make the island accessible to visitors from all walks of life.

Under the Oatley family’s ownership, more than $350 million has been invested in enhancing the island’s facilities, earning it over 50 prestigious awards in recent years.

Chris Heady, Blackstone’s Chairman for Asia Pacific and Head of Asia Real Estate, expressed the firm’s intent to further develop the island’s potential, building on the Oatley family’s significant contributions, as reported by the Australian Financial Review.

Blackstone chairman of Asia Pacific and head of Asia real estate Chris Heady told the Australian Financial Review the company wanted to build on the Oatley’s investment in the island.

“Hospitality and leisure is a key investment theme at Blackstone globally including in the Asia Pacific region, where we’ve brought scale and operational expertise to invest in and build leading brands,” Heady said.

“We are committed to investing in the long-term success of Hamilton Island, its people, and its local businesses and community.”