Sold by international investment firm Brookfield through CBRE, the amusement park has been acquired by Oscars Group, a Sydney-based hospitality business.
Oscars Group owns a variety of hotels and hospitality venues including Novotel Wollongong, Crowne Plaza Surfers Paradise and Hotel Sweeney’s in the Sydney CBD.
“We are excited to be acquiring Luna Park and look forward to working with the team,” said Oscars Group managing director, Bill Gravanis.
“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.
Luna Park has 17 operating rides and 7,000m2 of floor space.
Although it still offers space for business events, in recent years the park has moved away from courting the business events sector as actively as it once did and moved instead towards permanent immersive installations, like Dream Circus, which was installed into the Luna Park Big Top in 2023.
“As Luna Park Sydney enters its 90th year, we have exceptional momentum in the business generating record ticket sales and visitation,” said Luna Park CEO John Hughes.
“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.”
