NEW JOINT VENTURE ENTITY,
NGĀMOTU, PURCHASES
NOVOTEL NEW PLYMOUTH
Parininihi ki Waitōtara Inc (PKW), Te Atiawa Iwi Holdings LP (TAIHLP) - the commercial entity for Te Kotahitanga o Te Atiawa Trust, and Taranaki Iwi Holding LP (TIHLP) - the commercial entity for Te Kāhui o Taranaki Trust, are pleased to announce the acquisition of the Novotel New Plymouth Hobson Hotel (Novotel New Plymouth) and the business from current owner Philip Brown for a purchase price of NZ$23m, subject to earn-out targets achieved.
A new joint venture entity, Ngāmotu Hotels Limited Partnership (Ngāmotu Hotels LP), has been established to purchase and own the Novotel New Plymouth.
This is the first direct co-investment by the three entities and builds off all three, alongside other iwi in Taranaki, recently investing in Te Puia Tāpapa, the Māori investment fund which was established to co-invest with the NZ Superfund in large NZ investment opportunities.
For more information visit our website -
https://taranaki.iwi.nz/new-joint-venture-entity-ngamotu-purchases-novotel-new-plymouth/
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