Although the historic hotel's landlord cancelled the lease arrangement with the existing publican on Wednesday, it said it was keen to ensure that tourists would not be inconvenienced as a result.
The Oamaru Whitestone Civic Trust owns 15 buildings in the town's Victorian Precinct, including the 1877-built Criterion Hotel, and trust chairman Phil Hope said he hoped a new lessee could be found shortly.
"It is a key building within the Victorian Precinct and certainly one that we are keen to get reopened as quickly as possible."
Mr Hope said the landlord had exercised a right of re-entry to the building and had cancelled the lease due to non-payment of rent and "other expenses".
He declined to reveal how much the trust was owed, but said he was still convinced that the Criterion, which is the town's flagship Victorian building and a constant drawcard for tourists, still had a viable future as a business.
"We believe the hotel has a good future in terms of both the sale of liquor and accommodation."
No customers had been "turfed out" of hotel accommodation as a result of the cancellation, but people with an existing booking should contact the trust on (03) 434-9930, he said.
"Anyone who has got a forward booking is advised to contact the Civic Trust.
"We don't want to see anyone inconvenienced."
Husband and wife team Peter and Mandi Timmo have held the pub's lease for the past four years, and although Mr Timmo declined to comment yesterday, he said a statement from the couple would be issued on Monday.