Sydney’s iconic Luna Park has been purchased by Bill and Mario Gravanis, the brothers behind the Oscars Group, marking the first change in site ownership in nearly 20 years.
The acquisition of the historic amusement park adds to the Gravanis brothers’ extensive hospitality portfolio, which includes major hotels, pubs, and resorts across New South Wales and Australia’s eastern seaboard.
Oscars Group, known for properties such as the Novotel Wollongong, Crowne Plaza Surfers Paradise, and The Belvedere Hotel, reportedly secured Luna Park for close to $50 million, outbidding major theme park operators including the owners of Warner Bros. Movie World.
Managing Director Bill Gravanis described Luna Park as having “outstanding investment fundamentals, strong brand value, and recognition.”
“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,” Mr Gravanis added.
The amusement park, which first opened in 1935, underwent a $40 million transformation over the past four years. Investments included upgrades to its Big Top, a 3,000-square-metre multipurpose venue, and restoration of its heritage-listed Wild Mouse roller coaster.
The Gravanis brothers plan to further develop Luna Park as a leading tourist destination and entertainment precinct for locals.
“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,” Mr Gravanis said.
Luna Park CEO John Hughes welcomed the new ownership, highlighting the park’s exciting future as it approaches its 90th anniversary.
The park, which has survived decades of challenges, including the tragic Ghost Train fire of 1979, remains one of the few amusement parks featuring Art Deco fantasy architecture. The sale was approved by the Luna Park Reserve Trust, ensuring the park will continue to serve as a vibrant attraction for Sydney and NSW residents.
Source: realcommercial.com.au
