Sydney’s Iconic Luna Park Sold to Oscars Group in a Landmark Approx $50M Deal

Sydney’s renowned Luna Park has changed ownership for the first time in nearly 20 years, with local hospitality giant Oscars Group stepping in as the new proprietor.

Oscars Group, one of New South Wales' leading private hospitality operators, boasts a diverse portfolio spanning hotels, resorts, pubs, event venues, and commercial properties along Australia’s Eastern Seaboard.

Its holdings include Novotel Wollongong, Crowne Plaza Surfers Paradise, The Bankstown Hotel, and The Belvedere Hotel, alongside other prominent properties such as Oakbridge Brisbane and Bush Village Holiday Cabins in Airlie Beach.

The acquisition of Luna Park was hotly contested, with Oscars Group emerging victorious over competitors, including major theme park operators, to secure the iconic site. The park was initially listed for sale in mid-2024 through CBRE, marking the end of its ownership under global investment firm Brookfield, which had held the asset since 2007. Reports suggest the final sale price was approximately $50 million, below earlier estimates of $70 million.

CBRE representatives Simon Rooney, Paul Ryan, and James Douglas facilitated the transaction on behalf of the Luna Park Reserve Trust. Mr. Rooney highlighted the significant local and international interest in the "trophy asset."

Oscars Group Managing Director Bill Gravanis expressed enthusiasm for the acquisition, emphasizing Luna Park’s strong brand value and its potential to become an even greater attraction. “Luna Park is an iconic landmark on the world’s best harbour. We’re excited to work with its team and enhance its standing as a top destination for visitors and locals alike,” he said.

Gravanis also outlined plans to cement Luna Park’s status as a leading entertainment hub for both tourists and Sydneysiders. The Group’s NSW holdings include well-known venues such as Hotel Sweeney’s and the Livingstone Hotel, as well as Novotel properties like the one on Brighton Beach.

Luna Park CEO John Hughes heralded the sale as a new chapter for the park, which celebrates its 90th anniversary next year.

“This summer promises to be our biggest yet, with the launch of exciting initiatives like our Netflix collaboration, the world premiere of the Vegesaurs experience, our renowned New Year’s Eve festival, and the reintroduction of the Wild Mouse roller coaster following its two-year restoration,” Hughes said.

In recent years, Luna Park has undergone a $40 million transformation, featuring upgrades to its Big Top venue, which now spans 3,000 sqm, alongside other enhancements aimed at creating immersive experiences. The park currently boasts 17 rides, the heritage-listed Coney Island funhouse, and iconic structures like the Crystal Palace, built in 1935.

The sale was contingent upon approval from the Luna Park Reserve Trust to ensure the park remains a vibrant attraction for Sydney and New South Wales residents. Luna Park, which opened in 1935, draws inspiration from the original Luna Park at New York’s Coney Island. Its distinctive Art Deco design has made it a rare and cherished example of this architectural style.

The park’s history includes a temporary closure after the Ghost Train fire tragedy in 1979. It was saved and reopened in 1982, thanks to the efforts of advocates such as artist Peter Kingston, who championed its preservation.