Luna Park back in the hands of local owners after 20 years

Family walking into  Luna Park Sydney, Milsons Point

Luna Park has found its new owners following a 6-month search. The Sydney amusement park went up for sale in June for the first time in two decades.

Luna Park up for sale for the first time in 20 years with $70 million price tag

The iconic landmark has now been picked up by NSW hospitality giant Oscars Group. The privately-owned Oscars Group owns a number of hotels, resorts, and events centres across Eastern Australia.

It is best known for owning Novotel Wollongong, Crowne Plaza Surfers Paradise, The Bankstown Hotel, The Belvedere Hotel in Sydney, Oakbridge Brisbane and Bush Village Holiday Cabins at Airlie Beach.

Oscar Group beat off competition from the likes of Warner Bros., Movie World and Dreamworld to secure the Park.

The sale means that the site is back in the hands of local owners after being owned by global investment firm Brookfield since 2007.

CBRE’s Simon Rooney, James Douglas, and Paul Ryan were appointed to steer the campaign for the landmark amusement attraction on behalf of Canada-based Brookfield.

According to reports, the sale price is considered to have been closer to $50 million rather than the $70 million asking price.

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

Luna Park has undergone a $40 million transformation in the last four years. It is now a multi-purpose venue, well-equipped to meet the growing demand for experiential events.

Oscars Group managing director Bill Gravanis said Luna Park presented a great opportunity.

“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,” he said.

“Our goal is to further establish Luna Park as a Top 5 tourist destination for visitors, while also promoting it as an entertainment precinct for Sydneysiders.”

Latest News

  • News

Nearly 80 dead following ski hotel fire in Turkey

Nearly 80 people have died after a fire broke out at a Turkish ski hotel during its busy holiday period. A fire broke out at the 12-storey Grand Kartal Hotel in Bolu at 03:27 local time (00:27 GMT) on the 21st of January. The wooden-clad 12-storey Grand Kartal Hotel was packed with at least 234 people at […]

  • News
  • Tourism

The ONE message that California’s tourism industry has for Australians

At the Visit California tourism event held in Sydney this week, there was just one message that the Californian tourism industry had for Aussies: We are open for business. The news over the past fortnight has been dominated by images of Los Angeles up in flames – in one instance an AI-doctored image even showed […]

  • Luxury
  • News

Cinzia Burnes: Not having brochures is like having a handbag store without handbags

CINZIA BURNES offers her predictions for the year ahead. This interview is part of Travel Weekly‘s series in which we interview travel trade industry leaders. Executive director of Helloworld and our reigning winner of the Travel Weekly Women in Travel Power List Cinzia Burnes isn’t known for mincing her words, and when it comes to […]