Major Australian hospitality operator Oscars Group has purchased Luna Park in Sydney following an international sales campaign despite interest from theme parks like Warner Bros. Movie World and Dreamworld.
The company bought the iconic theme park from former Canadian owner Brookfield for an undisclosed amount.
Oscars is one of NSW's largest privately-owned hospitality groups, with hotels, resorts, pubs, and events centres along Australia's eastern seaboard.
Luna Park was initially put up for sale in June via an expressions of interest campaign run by CBRE’s Simon Rooney, Paul Ryan and James Douglas.
Rooney said trophy assets, like Luna Park were tightly held and traded which led to strong local and international interest.
"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,” he said.
Oscars Group Managing Director Bill Gravanis said the company was excited to acquire Luna Park and hoped to further position it as a major Sydney tourist attraction.
“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,” he said.
Luna Park chief executive officer John Hughes said the theme park was excited to embark on this new chapter alongside Oscars Group.
“As Luna Park Sydney enters its 90th year, we have exceptional momentum in the business generating record ticket sales and visitation,” Hughes said.
“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 sale follows major investments to redeveloping the park's Big Top as a 3,000 sq.m. multi-purpose venue, catering to growing global demand.