A major hospitality group has purchased iconic Sydney attraction Luna Park following an international sales campaign.
Oscars Group, a local company, purchased the park for an undisclosed amount from former owners Brookfield.
The new owner is one of NSW’s largest privately-owned hospitality groups, with hotels, resorts, pubs, and events centres along Australia’s eastern seaboard.
Oscars Group managing director Bill Gravanis said the company was “excited” to buy Luna Park.
“It is an iconic waterfront landmark on the best harbour in the world that presents a great opportunity for the Oscars business,” he said.
“Our goal is to further establish Luna Park as a ‘top five’ tourist destination for visitors, whilst also promoting it as an entertainment precinct for Sydneysiders.”
Simon Rooney of real estate giant CBRE, who negotiated the sale on behalf of Brookfield, said there had been strong international interest.
“The Luna Park business was a sought-after investment given its unique location on the shores of Sydney Harbour,” he said.
“The diverse opportunities to leverage the existing assets and customer base to drive revenue growth via additional amusement, immersive and F&B initiatives were key drawcards for domestic and global buyers seeking value-add investment opportunities.”
Sydney icon Luna Park celebrates 85th birthday
Luna Park CEO John Hughes said Luna Park has “exceptional momentum” going into its 90th year, with record ticket sales and visits.
“Our upcoming summer will be the biggest on record with the launch of our Netflix partnership, the world-premiere of the Vegesaurs experience, our famous NYE festival and the launch of the heritage-listed Wild Mouse roller coaster following its two-year restoration,” he said.
Luna Park Sydney features 17 amusement rides, the heritage-listed Coney Island, Sydney’s Immersive Big Top, and the 1935-built Crystal Palace, as well as a 389-space car park.
