December 1st 2024.
In an exciting turn of events, a well-known hospitality group has acquired the beloved Luna Park in Sydney after a successful international sales campaign. Oscars Group, a renowned local company, has purchased the iconic attraction from its previous owners, Brookfield, for an undisclosed amount. As one of the largest privately-owned hospitality groups in New South Wales, Oscars Group boasts a portfolio of hotels, resorts, pubs, and events centers along Australia's eastern coast.
The managing director of Oscars Group, Bill Gravanis, expressed his enthusiasm for the acquisition, stating that Luna Park is a historic and scenic landmark situated on one of the world's most beautiful harbors. He believes that this presents a fantastic opportunity for the Oscars business. Gravanis also shared the company's goal of establishing Luna Park as a top tourist destination for visitors and a go-to entertainment precinct for the locals of Sydney.
The sale of Luna Park was facilitated by real estate giant CBRE, with Simon Rooney leading the negotiations on behalf of Brookfield. According to Rooney, there was significant interest from international buyers due to Luna Park's prime location on the shores of Sydney Harbour. He also mentioned that the potential to leverage the existing assets and customer base for revenue growth through additional amusement, immersive, and food and beverage initiatives was a major drawcard for both local and global investors.
Luna Park's CEO, John Hughes, expressed his excitement for the park's future, noting that it has exceptional momentum as it approaches its 90th year. He proudly shared that Luna Park has experienced record ticket sales and visits, making this upcoming summer the biggest one yet. The park has a lineup of exciting events, including a partnership with Netflix, the launch of the Vegesaurs experience, a popular NYE festival, and the reopening of the heritage-listed Wild Mouse roller coaster after a two-year restoration.
For those unfamiliar with Luna Park, the park boasts 17 amusement rides, the charming Coney Island, the immersive Big Top, and the Crystal Palace, built in 1935. It also offers a 389-space car park for the convenience of its visitors. To stay updated on all the latest news, including breaking news, sports, politics, and weather, be sure to download the 9NEWS app, available on the Apple App Store and Google Play.
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