After a six-week marketing period, a new owner has been found for Auckland landmark property, The Waipuna Hotel and Conference Centre, as a going concern.
The Waipuna, which overlooks the Panmure Basin, has been sold unconditionally for a confidential sum by the Mount Wellington Licensing Trust to Prime Property Group. Settlement is 31 January 2025.
The Waipuna Hotel & Conference Centre is set on 6.26 acres of beautifully landscaped parkland and provides a picturesque setting just 20 minutes from the CBD. The property boasts 148 hotel rooms with unobstructed views of the water, alongside 17 conference rooms and a 400-seat theatre. Guests can enjoy a range of amenities, including a pool, gym facilities, an on-site restaurant and bar, 24-hour room service, and 300 parking spaces.
Prime Hotels is part of the Primeproperty Group (PPG), a 100% New Zealand-owned and operated private property investment company with over 30 years of experience in central city commercial real estate. PPG also owns and operates hotels, restaurants, car parking buildings, residential developments, a shopping mall and residential accommodation.
With over 30 years of experience in the hotel industry, Prime Hotels operates a diverse portfolio that includes hotels in Wellington and Tauranga, along with leisure accommodation in Turangi, Taupō, and Whitianga.
Quality Asset To Enhance
Nicolas Caffardo, Group General Manager for Prime Hotels, expressed admiration for the quality of the asset and its professional operation, stating, “We see great opportunity to embellish the property—it has been under one ownership since its inception. We aim to take it to the next level, showcasing a resort-like location only 20 minutes from Auckland’s CBD. We are excited about the potential to enhance and expand Waipuna Hotel.”
Caffardo says the name “Waipuna,” meaning “Spring of Water” in Māori, adds cultural significance to the hotel, which is conveniently located near major transport links, including Sylvia Park, train stations, the bus exchange, and motorway access.
“Additionally, the hotel is committed to sustainability, enhancing its appeal for eco-conscious travellers. With its combination of natural beauty, modern facilities, and rich cultural heritage, Waipuna Hotel & Conference Centre offers an exceptional experience for all guests”.
Caffardo emphasised the company’s commitment to investing in the future of Waipuna Hotel & Conference Centre by leveraging its extensive resources and industry expertise.
“As operations transition, it will be business as usual at Waipuna Hotel & Conference Centre. Our focus will be on continuity to ensure smooth operations for both staff and guests. In the coming months, guests can expect significant improvements in systems and technology, particularly in back-office operations. “These enhancements are designed to support staff and elevate the overall guest experience, ensuring that Waipuna Hotel & Conference Centre continues to thrive in the competitive Auckland market.
The acquisition will also open up opportunities for staff career development and growth within the organisation. “Prime Hotels shares the values that have made Waipuna Hotel & Conference Centre a beloved institution and is excited about the opportunities this acquisition presents for career development and growth. This transition opens doors for existing staff, allowing the company to build upon their strengths and continue enhancing Waipuna’s iconic reputation.”
Prime Hotels has established an excellent reputation, with a long-standing team, many of whom have been with the company since its inception. This experienced team is passionate about the industry and possesses a deep understanding of the property and hotel landscape.
“Prime Hotels is excited to welcome Waipuna Hotel to its family and looks forward to the positive changes ahead. We appreciate the hard work and dedication of the Waipuna team, and together, we will ensure that Waipuna Hotel continues to exceed expectations.
Primeproperty Group, a leading Wellington company in high-rise seismic resilience enhancement, will also be upgrading the Waipuna seismic resilience as part of its improvements.
Troy Elliott, President of the Mount Wellington Licensing Trust, says Trustees are delighted that the sale means the Waipuna will continue to operate as an hotel and conference centre, providing ongoing employment for employees.
Preserving jobs
“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 the 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 Mr Elliott.
The Panmure Historic Hotel, the second 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.
More Community Support
By selling Waipuna and re-investing the net sale proceeds into an investment portfolio less exposed to hospitality and accommodation, the Trust says it 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 Mr Elliott.
“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.”
