For the first time in nearly 20 years, the iconic Luna Park Sydney has changed ownership. The new owner, Oscars Group, is a prominent Greek Australian player in Australia’s hospitality sector with an extensive portfolio of properties, including hotels, resorts, pubs, and event centers along the Eastern seaboard.
Oscars Group was founded by the Gravanis brothers in 1986 known for owning establishments such as Novotel Wollongong and Brighton Le Sands which just opened the newly hatted Greek restaurant Ammos, Crowne Plaza Surfers Paradise, and The Belvedere Hotel in Sydney, among others, secured the purchase amid competition from major theme park operators like those behind Warner Bros. Movie World and Dreamworld.
The sale of Luna Park was first announced in June by CBRE, with previous owner Brookfield having held the esteemed waterfront property since 2007. Initial speculations placed the sale price at around $70 million, though reports suggest the final transaction was closer to $50 million.
CBRE representatives Simon Rooney, Paul Ryan, and James Douglas oversaw the sale on behalf of the Luna Park Reserve Trust. Mr. Rooney highlighted the significant interest from both local and international buyers for this “trophy asset.”
Bill Gravanis, Managing Director of Oscars Group, expressed enthusiasm regarding the acquisition, citing Luna Park’s strong brand value and prime harborfront location as key investment drivers. Gravanis stated, “We are thrilled to acquire Luna Park and are eager to work with the team to further establish it as a top tourist destination and entertainment hub for Sydneysiders.”
Luna Park CEO John Hughes shared excitement for the park’s future as it nears its 90th anniversary. Upcoming events include a Netflix partnership, a Vegesaurs experience, a famous New Year’s Eve festival, and the reopening of the heritage-listed Wild Mouse roller coaster after a two-year restoration.
The amusement park, which has undergone a $40 million transformation over the past four years, features 17 rides, the historic Coney Island, a 3000 sqm Big Top venue, and the architecturally significant Crystal Palace, as well as a 389-space car park.
The change of ownership to Oscars Group was subject to approval from the Luna Park Reserve Trust, ensuring that the park remains a cherished amusement destination for Sydney and NSW residents.
Founded in 1935 and inspired by New York’s Coney Island, Luna Park is one of the few remnants of Art Deco fantasy architecture. The park faced closure following the 1979 Ghost Train fire tragedy but reopened in 1982 after public campaigns led by local artists, including Peter Kingston.