The hotel and conference centre has sold unconditionally for a confidential sum to Prime Property Group, who will continue to operate the venue as a hotel and conference centre. Settlement is 31 January 2025.
Troy Elliott, President of Mount Wellington Licensing Trust, says Trustees are delighted that the sale means the hotel and conference centre will continue to operate as a hotel and conference centre, providing ongoing employment for the staff.
“We are thrilled to have found a buyer at a market competitive price. It means we can invest the net sales proceeds and ensure future community giving, something Mount Wellington Licensing Trust has been unable to do for many years.
“Having a hotel operator purchase Waipuna means that our wonderful hotel and conference centre team will be employed on terms no less favourable than at present by the new owner, which is a terrific result.
“Securing a sale and preserving jobs is a win-win outcome for the community. Between now and the end of January next year, the focus will be on delivering great business-as-usual service until the new owner takes over, doing everything to prepare for a smooth handover, as well as working on completing our investment strategy for the funds generated by the sale,” says Elliott.
Primeproperty Group is excited to add The Waipuna Hotel & Conference Centre to its portfolio, and be part of the Waipuna Centre community.
“We were impressed by the quality of the asset and its professional operation and are looking forward to enhancing and expanding it.
“Our group owns and operates hotels in Wellington and Tauranga as well as motels in Turangi, Taupō and Whitianga,” says Head of Prime Hotels Antonietta Muollo-Aharoni.
The Panmure Historic Hotel, the other property offered for sale by Mount Wellington Trust Hotels Ltd remains on the market.
“Our real estate agents will continue to market and explore opportunities to sell our Panmure property,” says Mr Elliott.
By selling Waipuna and re-investing the net sales proceeds into an investment portfolio less exposed to hospitality and accommodation, Mount Wellington Licensing Trust will be able to