Beachfront of Hayman Island, with the resort.

InterContinental Hotels Group is taking over management of Hayman Island, a private island off the coast of Queensland.

The resort on the island was built in the 1950s and has been a significant drawcard for tourists visiting Queensland for decades. IHG will rebrand the resort to Hayman Island, by InterContinental and after a considerable refurbishment, the property will reopen in 2019.

The hotel is the only property on the 400-hectare island, accessible only by luxury vessel or helicopter from Hamilton Island. The 166-room hotel will showcase world-class facilities, rooms and suites.

As per the agreement, Mulpha Australia Limited will put a collection of homes on the market, the first opportunity for people to own a piece of land on the luxury island.