Sydney’s iconic Luna Park has switched hands, selling for the first time in almost two decades to major local hospitality player, Oscars Group.

The new owner is one of NSW's largest privately-owned hospitality groups, with venues along Australia's eastern seaboard.

Luna Park officially has a new owner, with NSW hospitality giant Oscars Group swooping in to buy the iconic attraction from international investment firm Brookfield.

Sydney Harbour’s Luna Park has been snapped up by the pub and hotel owning Oscars Group, with the low-profile company planning to revitalise the ageing fun park with a series of new harbourside restaurants and bars.

Brookfield has sold one of Australia’s iconic amusement parks, Luna Park, to Oscars Group for an undisclosed amount. While the sale price was reportedly around A$50m (€30.9m), it fell short of the A$70m initially expected when the property was listed in June.

Oscars Group has agreed to purchase Luna Park Sydney off Brookfield for an undisclosed amount, beating out international competition.

Oscars Group, one of the largest privately-owned hospitality groups in New South Wales, has acquired Sydney’s iconic Luna Park.