Sydney’s Luna Park has been snapped up by a major pub group for more than $50 million, despite interest from operators of theme parks such as Warner Bros. Movie World and Dreamworld.

Oscars Group, the owner of a string of pubs – including Hotel Sweeney’s in the Sydney CBD – and accommodation including Crowne Plaza Surfers Paradise has agreed to buy the amusement park from Canadian asset management giant Brookfield after a six-month sales process for the harbourfront site.