Gravanis brothers buy Sydney’s iconic Luna Park

·

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.

luna park
Luna Park remains one of the few amusement parks featuring Art Deco fantasy architecture.

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

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

How younger Greek Australians are redefining mental health conversations

Conversations once hidden in the shadows are now in the spotlight, bringing mental health to the forefront.

NSW urged to act on worsening elder abuse crisis

A new report from Relationships Australia NSW (RANSW) reveals that 15% of elderly Australians are currently experiencing abuse.

More civil war-era mass graves found beneath Greek city park

Another grim discovery has surfaced in Greece, where 14 bodies believed to be victims of civil war-era executions have been unearthed.

Restored classic ‘Boy on a Dolphin’ returns to Greek cinemas after 70 years

Long before Greece became a go-to backdrop for global cinema, one film forever changed how the world saw it — Boy on a Dolphin.

Greece to introduce harsher penalties for dangerous driving under revised highway code

Parliament is expected to approve a revised Highway Code (ΚΟΚ) on Tuesday, introducing tougher penalties for traffic violations.

You May Also Like

Chris Christofi sets $120,000 target for seventh Vinnies CEO Sleepout

Chris Christofi has set an ambitious fundraising target of $120,000 as part of this year’s mission to combat homelessness in Australia.

Turkey fabricating “fake news” about mistreatment of refugees, Petsas says

Greece has denied claims by Turkey that it fired live ammunition at refugees and migrants on their shared border, with several allegedly injured and one later dying.

Brutal battle against France ends in loss for Australia’s Socceroos

Starting in one of the first games of the Qatar World Cup 2022, Australia lost against France with a 4-1 scoreline.