Westin Auckland Lighter Quay Continues at Reduced Capacity

Receivers to Lighter Quay Hotel Management Ltd (in receivership & in liquidation) have confirmed today
the Westin Auckland Lighter Quay will continue to operate at a reduced capacity. This is despite court
action taken by the unit owners who lease rooms to the hotel complex which has led to the termination of
a number of leases.

Seventy seven of the hotel’s 170 rooms, and other facilities including the spa, bar, café and conference
facilities, will still be available to Westin guests and visitors.

“Our intention from the start was to keep the hotel operating, and we are pleased we have managed to do
that, albeit at a reduced capacity from today,” says receiver Michael Stiassny.

“However, we are disappointed that the court action and resulting reduction in the number of rooms, has
meant full staff levels simply can’t be sustained. As a result, there has been no option but to work through
a redundancy process affecting 99 employees.

“This is clearly disappointing as we have done everything possible to keep the hotel operating at full
capacity until now.”

No reasonable offer was tabled by the unit owners to purchase the assets and therefore receivers took steps
to commence an impartial mediation process to try to resolve the differences with unit owners. This was
rejected out of hand by the unit owners.

Following the court ruling and the termination of a number of the leases the receivers successfully
negotiated temporary lease arrangements which meant the hotel has operated at full capacity until now,
however negotiations to further extend these leases have been unsuccessful.

The receivers have been working closely with the Westin as the operator and will continue to do so.