US-based private equity firm Blackstone is set to buy an iconic island in Australia's Great Barrier Reef, pending approvals.
Blackstone on Tuesday said that it had struck a deal to acquire Hamilton Island in Queensland's Whitsundays from the Oatley family, who acquired it in 2003.
"Hamilton Island is an exceptional destination, and we are honored to build on the vision and dedication that the Oatley family has brought to investing in its transformation and add a standout asset to our portfolio," said Blackstone's Asia Pacific chair Chris Heady.
"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.
The private equity firm also owns resorts and hotels in India, Japan, the Maldives, Sri Lanka and the United States.
"We are delighted to have a partner of Blackstone's calibre and resources to continue the legacy, while supporting our people and island community," the Oatley family said, welcoming "the new owners Blackstone".
According to media reports, the deal is worth an estimated $1.2 billion ($US800 million. The purchase is subject to approval from the Queensland government.