Sydney’s iconic Luna Park has been sold for the first time in almost two decades to a major local hotel group following a global sales campaign.
Oscar Group, one of the largest private hotel groups in New South Wales, bought the amusement park for an undisclosed amount from Canadian investment giant Brookfield.
The Sydney-based company has an extensive portfolio of hotels and resorts, pubs, events centers and commercial and retail assets across the country’s east coast.
Oscars Group CEO Bill Gravanis said the company was “excited” to buy Luna Park after beating out domestic and international buyers, including Warner Bros. operators Movie World and Dreamworld.
“We are excited to acquire Luna Park and look forward to working with the team,” Gravanis said.
‘It is an iconic waterfront landmark in the best port in the world that presents a great opportunity for the Oscar business.
“Our aim is to further establish Luna Park as a top five tourist destination for visitors, whilst promoting it as an entertainment precinct for Sydneysiders.”
One of New South Wales’ largest private hotel 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 join the firm’s portfolio of 43 properties, along with its assets in New South Wales, including pubs Hotel Sweeney’s, Livingstone Hotel, Novotel Hotels in Brighton Beach and Wollongong, The Bankstown Hotel and The Belevedere Hotel in Sydney .
The iconic property was put up for sale in June by real estate giant CBRE, nearly two decades after international investment firm Brookfield purchased the theme park in 2007.
Luna Park was believed to sell for an incredible $70 million, however, it has since been reported that the property sold for close to $50 million.
Luna Park chief executive John Hughes said Luna Park had “exceptional momentum” as it entered its 90th year.
‘We are excited about this next chapter and the opportunities that the Oscars Group property will bring to the park.
‘Our upcoming summer will be our biggest on record with the launch of our partnership with Netflix, the world premiere of the Vegesaurs experience, our famous New Year’s festival and the launch of the heritage-listed Wild Mouse roller coaster following its restoration of two years. ‘
The sale follows Luna Park’s four-year, $40 million transformation, which saw the park’s Big Top expanded to become a 3,000-square-meter multi-purpose venue.
Luna Park has 17 attractions, Coney Island, declared historical heritage, 7,000 square meters of constructed area, the immersive Big Top, the Crystal Palace built in 1935 and a 389-space parking lot.