Luna Park Sydney acquired by hospitality business Oscars Group

With plans to upgrade the heritage amusement park, the Oscars Group, one of the largest privately-owned hospitality groups in NSW, has acquired Luna Park Sydney.

Acquiring the landmark property from Canadian investor Brookfield, the pubs and hotels operator adds the 90-year old harbourside landmark to its portfolio of hotels and resorts, pubs, events centres, commercial and retail assets.

Announcing the purchase today, Oscars Group Managing Director, Bill Gravanis stated "we are excited to be acquiring Luna Park and look forward to working with the team.

“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 5 tourist destination for visitors, whilst also promoting it as an entertainment precinct for Sydneysiders.

“We would like to thank the teams at Brookfield and CBRE for their professionalism during the sale process.”

Selling for the first time in almost two decades, Luna Park was placed on the market by its Canadian owner in June, with expressions of interest campaign conducted by CBRE.

CBRE notes that the sale was subject to consent by the Luna Park Reserve Trust to ensure that Luna Park “remains a vibrant and successful amusement park for the enjoyment of the people of Sydney and NSW.”

In additon to its heritage rides, Brookfield has invested in new experiences in recent years.

It also hosts long-running events such Halloscream and New Year’s Eve, while also leveraging collaborations with festivals such as Sydney Festival, Vivid and Lunar New Year.

Luna Park Chief Executive, John Hughes commented "as Luna Park Sydney enters its 90th year, we have exceptional momentum in the business generating record ticket sales and visitation.

“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.”

Luna Park Sydney features 17 amusement rides, the heritage-listed Coney Island, 7,000 square metres of building floorspace including Sydney’s Immersive Big Top and the 1935-built Crystal Palace as well as a 389-space car park.

The property has benefitted from a major investment in redeveloping its Big Top as a 3,000 square metres multi-purpose venue, catering to growing global demand for “captivating and all-in experiences”.

Images: Luna Park Sydney in its landmark harbourside location (top) and ist recently introduced Lite-Brite experience (below).