Monday, December 2, 2024
Key Factors:
Luna Park acquired by distinguished NSW hospitality groupOscar Group goals to remodel the park right into a top-five vacationer destinationFormer possession of the park held by Canadian funding large Brookfield
Sydney’s legendary Luna Park has been offered for the primary time in almost 20 years to a number one native hospitality group after a global gross sales marketing campaign.
Oscar Group, one of many largest privately owned hospitality companies in NSW, has acquired the long-lasting amusement park from Canadian funding large Brookfield for an undisclosed value.
Primarily based in Sydney, Oscar Group boasts a various portfolio that features inns, resorts, pubs, occasion venues, and industrial and retail properties alongside Australia’s japanese shoreline.
Managing Director Invoice Gravanis expressed the corporate’s pleasure over the acquisition, highlighting their profitable bid in opposition to each native and worldwide rivals, together with the operators of Warner Bros. Film World and Dreamworld.
Luna Park will change into a part of Oscar Group’s in depth portfolio, which incorporates 43 properties. This addition will complement its NSW holdings, comparable to pubs like Lodge Sweeney’s, the Livingstone Lodge, Novotel Motels in Brighton Seashore and Wollongong, in addition to The Bankstown Lodge and The Belvedere Lodge in Sydney.
The enduring amusement park was listed on the market in June by actual property agency CBRE, almost 20 years after worldwide funding agency Brookfield acquired the property in 2007.
Luna Park was initially anticipated to promote for a staggering $70 million, however studies now counsel the ultimate sale value was nearer to $50 million.
The sale follows Luna Park’s four-year, $40 million redevelopment, which included the growth of its Huge High right into a 3,000 sqm multipurpose venue.
The park is house to 17 thrilling rides, the heritage-listed Coney Island, 7,000 sqm of constructing area, the immersive Huge High, the historic 1935 Crystal Palace, and a 389-space automotive park.
