Chris Parkin sells Wellington's Museum Hotel to ASX-listed Amalgamated Holdings for $28.5M

Wednesday 10th June 2015

Prominent Wellington hotelier Chris Parkin has sold the Museum Hotel, located across the road from the Te Papa national museum, to ASX listed Amalgamated Holdings for $28.5 million.

The sale is expected to be completed in early August, and Amalgamated will refurbish the 163 room hotel and rebrand it as QT, the ASX listed company said in a statement. Amalgamated's other New Zealand operations include the Rydges Hotels and Event Cinemas.

"After 22 years of building the Museum Art Hotel brand, I took their offer as a signal that it was the right time to move on," Parkin said. "I look forward to continuing to assist them in a non-executive capacity, particularly with the curation of our art collection."

The Wellington hotel was famously moved 200 metres from its original site to make way for the national museum.

Sydney based Amalgamated's New Zealand hotel subsidiary, Noah's Hotels (NZ), generated revenue of $17.7 million in the 12 months ended June 30, for a profit of $3.3 million, according to financial statements lodged with the Companies Office. The unit's property, plant and equipment were valued at $37.3 million as at June 30, 2014.

Amalgamated shares rose 0.1 percent to A$12.98, and have gained 21 percent this year.

Museum Hotel has one jointly held shareholding by Parkin, former Wellington mayor Kerry Prendergast and Macalister Mazengarb Trust Co. Prendergast was added to the register on Nov. 28, 2014.

BusinessDesk.co.nz

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