November 26, 2018
Taranaki iwi corporates bed down investment
Taranaki tribal and post-settlement interests have banded together to buy the 4.5 star Novotel New Plymouth Hotel for $23 million.
Ngamotu Hotels Limited Partnership consists of Parininihi ki Waitotara Inc Incorporation, Te Atiawa Iwi Holdings – the commercial entity for Te Kotahitanga o Te Atiawa Trust, and Taranaki Iwi Holding Limited Partnership – the commercial arm for Te Kahui o Taranaki Trust.
It’s the first direct co-investment by the three entities.
The 85-room hotel was built in 2015 and operates under the Novotel franchised Accor Hotels Group.
Current owner Philip Brown will continue in a management capacity to ensure a seamless transition and all staff have been offered a transfer of employment to the new entity under their existing terms and conditions.
Te Kotahitanga o Te Atiawa chair Liana Poutu says it’s Te Atiawa’s first local direct investment and gives expression to its values of partnership and co-investment with its whanaunga.
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