New owners sought for The Waipuna Hotel & Conference Centre and The Panmure Historic Hotel

First step towards creating a new enduring legacy of community giving for the Mount Wellington Licensing Trust

Auckland, 24 July 2024 – Mount Wellington Licensing Trust is seeking a new owner for its two properties: The Waipuna Hotel & Conference Centre and The Panmure Historic Hotel.

The announcement to sell comes as Mount Wellington Licensing Trust is looking for better and more sustainable ways to fulfil its purpose of community giving.

Troy Elliott, President of Mount Wellington Licensing Trust, says that for many years Mount Wellington Licensing Trust has struggled to fulfil its core purpose of returning profits to the community.

“That’s because our main assets, The Panmure Historic Hotel and The Waipuna Hotel & Conference Centre, are simply not returning enough money to support community donations. As well, both properties require significant investment, further impacting our ability to deliver on our core purpose.

“By selling the properties and investing the proceeds we will be able to give more financial support to community organisations and initiatives in the Mount Wellington Licensing Trust catchment area, the very reason why Mount Wellington Licensing Trust exists,” says Mr Elliott.

Paula Savage, Independent Chair of Mount Wellington Trust Hotels – the trading subsidiary of Mount Wellington Licensing Trust, and the direct owner of the two hotel properties – says that having assets in hospitality and accommodation has been very challenging for many years.

“Our purpose is to generate profits that can ultimately be returned to the community. However, the accommodation, conference and hospitality sectors have become increasingly competitive over the years and for a long time neither business has been generating sufficient profits to do that. 

“With the endorsement of Mount Wellington Licensing Trust, we have been investigating the options available to change our operating model to one that will enable consistent annual profits to be delivered. After an exhaustive process, we have determined that exiting from hospitality and accommodation into other, less risky and more diversified investments is the best option.  

“It was a difficult decision to make, but in the end, that is why we have decided to seek buyers for both properties. An agent has been appointed to seek the best possible price for both sites, which are highly attractive assets for the right owner.” says Mrs Savage.

Troy Elliott says that sometimes Trustees must make tough decisions for the right reasons.

“This is one of those times. Selling these assets is simply the right thing to do for our community and for the future of Mount Wellington Licensing Trust. It will create a new and enduring legacy of community giving based on a more solid financial foundation.

“We are in the very early stages of this process, and it may take time to find the right buyer.

“Once we have news to share about the next stage in the process, we will update the community.

“For now, it is business as usual at both venues,” says Mr Elliott.

For further information including FAQ visit www.mwltfuture.nz.