Sydney’s iconic Luna Park has been sold to a major local hospitality group for the first time in almost twenty years following a global sales campaign.
Oscar Group, one of NSW’s largest private hospitality groups, bought the theme park for an undisclosed sum from Canadian investment giant Brookfield.
The Sydney-based company has an extensive portfolio of hotels and resorts, pubs, event centres, commercial and retail properties across the country’s east coast.
Oscars Group managing director Bill Gravanis said the company was “excited” to buy Luna Park after beating domestic and international buyers, including Warner Bros. operators. Movie World and Dreamworld.
“We are pleased with the acquisition of Luna Park and look forward to working with the team,” said Mr. Gravanis.
“It is an iconic waterfront landmark on the best harbor in the world and offers great opportunities for the Oscars business.
“Our aim is to further establish Luna Park as a ‘top five’ tourism destination for visitors, whilst promoting it as an entertainment hub for Sydneysiders.”
One of NSW’s largest private hospitality groups has purchased Sydney’s iconic Luna Park following a major international sales campaign
The CEO of Oscar Group said the company was excited about the purchase and aims to further establish Luna Park as a ‘top five’ tourist destination for visitors
Luna Park will form part of the company’s 43-property portfolio, alongside its NSW assets including pubs Hotel Sweeney’s, the Livingstone Hotel, the Novotel Hotels at Brighton Beach and Wollongong, The Bankstown Hotel and The Belevedere Hotel in Sydney.
The monumental building was put on the market in June by real estate giant CBRE, almost twenty years after international investment company Brookfield bought the theme park in 2007.
It was believed that Luna Park would fetch as much as $70 million, but it has since been reported that the property has sold for almost $50 million.
Luna Park CEO John Hughes said Luna Park had “exceptional momentum” as it enters its 90th year.
“We are excited about this next chapter and the opportunities Oscars Group ownership will bring to the park.
‘Our upcoming summer will be the biggest ever with the launch of our Netflix partnership, the world premiere of the Vegesaurs experience, our famous NYE festival and the launch of the landmark Wild Mouse roller coaster following its two-year restoration. ‘
The sale follows the four-year, $40 million transformation of Luna Park, which saw the park’s Big Top expanded into a 3,000 m² multi-use venue.
Luna Park features 17 amusement rides, the landmark Coney Island, 7,000 m² of building floor space, the immersive Big Top, the 1935-built Crystal Palace and a 389-space car park.