Sydney‘s iconic Luna Park has sold for the first time in almost two decades to a major local hospitality group following a global sales campaign.
Oscar Group, which is one of NSW‘s largest privately owned hospitality groups, bought the amusement park for an undisclosed amount from the Canadian investment giant Brookfield.
The Sydney-based company has an extensive portfolio of hotels and resorts, pubs, events centres, commercial and retail assets across the country’s eastern seaboard.
Oscars Group managing director Bill Gravanis said the company was ‘excited’ to buy Luna Park after beating domestic and international buyers including the operators of Warner Bros. Movie World and Dreamworld.
‘We are excited to be acquiring Luna Park and look forward to working with the team,’ Mr Gravanis said.
‘It is an iconic waterfront landmark on the best harbour in the world that presents a great opportunity for the Oscars business.
‘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.’
One of NSW ‘s largest privately owned hospitality groups has bought Sydney’s iconic Luna Park following a major international sales campaign
Oscar Group’s CEO said the company was excited by the purchase and aim to ‘further establish Luna Park as a ‘top five’ tourist destination for visitors
Luna Park will join the firm’s 43-property-strong portfolio, alongside its NSW assets including pubs Hotel Sweeney’s, the Livingstone Hotel, the Novotel Hotels on Brighton Beach and Wollongong, The Bankstown Hotel and The Belevedere Hotel in Sydney.
The landmark property was put on the market in June by real estate giant CBRE, almost two decades after international investment firm Brookfield bought the theme park in 2007.
It was believed Luna Park would fetch an eye-watering $70million, however it has since been reported the property sold closer to $50million.
Luna Park CEO John Hughes said Luna Park had ‘exceptional momentum’ as it enters its 90th year.
‘We’re excited about this next chapter, and the opportunities that Oscars Group ownership will bring to the park.
‘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.’
The sale comes after Luna Park’s four-year $40 million transformation which saw the park’s Big Top expand to become a 3,000sqm multipurpose venue.
Luna Park features 17 amusement rides, the heritage-listed Coney Island, 7,000sqm of building floorspace, the immersive Big Top, the 1935-built Crystal Palace and a 389-space car park.
