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After a six-week marketing period, a new owner has been found for The Waipuna Hotel & Conference Centre.
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 January 31, 2025.
Mount Wellington Licensing Trust president Troy Elliott 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.”
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,” says Prime Hotels head Antonietta Muollo-Aharoni.
“Our group owns and operates hotels in Wellington and Tauranga as well as motels in Turangi, Taupō and Whitianga.”
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 Troy.
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 give significantly more financial support to community organisations and initiatives in the Mount Wellington Licensing Trust catchment area, every year.
“Selling is the right decision for our community,” says Troy.
“It creates an enduring legacy of community giving based on a solid financial foundation. We look forward to the time in the not-too-distant future where we can finally deliver on our core purpose for the people of the Mount Wellington Licensing Trust area.
“We are pleased to share this exciting news with our team and the wider community.”
