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The owner, Anesyds Ltd, went into receivership in March 2007.
However, receiver Iain Mclennan, of Auckland, said yesterday it was only now that all parties had agreed to the property being sold.
Mr Mclennan said the hotel was operating and profitable and was being offered for tender.
The directors of Anesyds are listed by the New Zealand Companies Office as Ewan Carr, of Ranfurly, and Rodney Humphries, of Auckland.
When it went into receivership, the company owed $1,082,432 to Edgewater Motel Ltd, owned by Mr Humphries.
Mr Mclennan said he hoped "for everybody to get paid, but in this day and age it's just hard to predict".
Tenders were expected to close at the end of May or early June.