SOLD: The Ritz hotel in Sea Point has been sold to this international hotel group
After much speculation, the deal has been closed and the Ritz Hotel Cape Town has been sold to an international hotel group.
The group is OKU Hotels, Bruce Hendricks, MD of Hendricks Harmse Attorneys, one of the representatives of the former owners and whose company is managing the Ritz Hotel building, confirmed.
OKU Group has luxurious top-end hotels in both Ibiza and Cos and is known for their design. Think minimialist and slow living.
It sells itself as a top-end company that specialises in "modernist beachside" accomodation.
Its website says: "Our hotels in Ibiza and Kos showcase the best of modern bohemian design coupled with beachside flair. Natural textures teamed with local stone and wood, create inviting private sanctuaries and indulgent communal spaces where guests relax and switch off."
The Ritz has stood empty for years, after an unsuccessful attempt at a soft launch in 2018. During Covid times it was taken over by building hijackers and the previous owners fought a long and arduous battle to get them removed.
OKU Hotels has a slow living philosophy, and are committed to sustainability and focus on connection and preservation of the world and the community.
As yet what will ultimatley become of the Ritz is still unkown. The sale price is still to be confirmed.
The Hotel is presently in dissaray and condemned and it will take a lot of work to jhooz it up to some renmants of its former glory. Given Oku Hotels reputation, expect "inner peace" in "tranquil surrounding".
South African developers were themselves vying for ownership.
"It's a prime piece of property - 23 storeys which you won't be able to get approval for again in Sea Point - with some bulk available for extra development," said one agent.
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