
South Africa: Ritz Hotel changes hands: Sea Point's modular marvel set for revival
The 23-storey landmark, famed for its former 360° revolving restaurant, is set to be revitalised by its new owners — a French-Dutch consortium and a local property developer — who plan to breathe new life into the grande dame.
Ash Müller, property broker and columnist for the Mail & Guardian, said the hotel's new owners are currently in consultation with architects and the City of Cape Town regarding the early planning and approval stages for the renovations.
She added that the hotel originally included retail frontage as part of its mixed-use design, and that if this feature is retained, it would add significant value to the redevelopment.
Modular design legacy
Less widely known, said Müller, is that The Ritz was also an engineering marvel of its time. When it was constructed in the early 1970s, the 23-storey tower was one of the few buildings in South Africa to be built using modular construction — a pioneering technique at the time. Entire bedroom and bathroom units were pre-fabricated off-site, transported to the location, and craned into position. This method allowed for faster, more efficient construction while ensuring quality control in each unit.
For the current developers, this structural modularity may present a strategic advantage. The building's compartmentalised design could simplify upgrades to plumbing, electrical systems, and smart infrastructure, without the need for extensive structural overhauls. It also offers a unique architectural narrative to build on — one that blends retro-modern engineering with the potential for sleek, future-forward innovation.
As they breathe new life into this grande dame, developers have the opportunity to honour and amplify its original design legacy, reinforcing its place as a timeless icon on the Sea Point skyline, Müller said. This vision for the future is rooted in a rich and colourful past — one that shaped the Ritz into a symbol of Sea Point's golden era.
Glamour and grandeur
From its grand entrance in 1971, The Ritz stood as a beacon of sophistication—offering panoramic ocean views, upscale dining, and upscale entertainment. Its launch signalled an ambitious era of luxury for Sea Point, contributing significantly to the suburb's mid-century development and identity.
In its heyday, The Ritz boasted an 80% occupancy rate, hosted vibrant nightlife including popular clubs - 'Paschas' and 'In‑Excess' -, and welcomed many celebrities and dignitaries, including Nelson Mandela following his release in 1990.
In late 2017, Shimmy Luxury Collection (led by Nicky van der Walt) invested R120 m in a full refurbishment—revamping infrastructure, interiors, restaurants, lounges, pool deck, and reopening the revolving restaurant
Key highlights included a glamorous lobby with gold-tone accents and marble; the addition of Top of the Ritz restaurant on the 23rd floor, and the opening of the Dom Pérignon Lounge on the 22nd floor; Hennessy Cigar Lounge on the 21st, and Casa and poolside dining on lower floors.
Source: Supplied. The former revolving Top of the Ritz restaurant.
Vacancy and fallout
But The Ritz has its darker chapters too. The hotel's reputation was tarnished in the late 1980s amid rising crime and social issues in the area. It also gained notoriety for multiple suicide incidents, and a high‑profile axe murder in Room 1803 in 1993.
Perhaps more devastating was the legal battle which erupted in 2018 between Ritz Plaza (the freeholder) and the management company, which resulted in a High Court order forcing the latter to vacate due to non-payment of fees.
Despite grand reopening plans, the hotel never reopened publicly, and has remained vacant and deteriorating since then.
Legacy meets progress
But now with a change in ownership, there is renewed hope for the hotel's reputation as new life is not only being breathed into the building itself but into a neglected part of Sea Point, enriching the area's character and boosting its overall value, Müller said.
Once a symbol of Sea Point's golden era, the revival of The Ritz Hotel—can be seen as one of many bold moves contributing to the area's ongoing transformation.
In recent years, landmark refurbishments—such as the fire station restoration and elegant Victorian-era conversions—have reinforced Sea Point's revival, which has its roots as far as 2010 when the suburb gradually fell into neglect as development energy shifted to the newly built V&A Waterfront. Vacancies increased, infrastructure aged, and many buildings and businesses lost their appeal.
A turning point came in 2010 with the Fifa World Cup and the construction of the Cape Town Stadium in neighbouring Green Point. These catalysed fresh interest in Sea Point's potential, attracting developers who began restoring neglected buildings and modernising the area.
A major milestone was reached in 2015 when the Berman Brothers transformed the old Galleria centre into The Point, a modern mixed-use lifestyle hub. This R300m redevelopment signalled Sea Point's commercial comeback, spurring further upgrades along Main and Regent Roads.
Sea Point rising
Between 2017 and 2021, heritage restorations and high-end apartment blocks emerged, including the rejuvenation of Strand Beach apartments and the iconic Winchester Mansions Hotel. The establishment of the Sea Point City Improvement District (CID) around 2018 further accelerated improvements to safety, cleanliness, and urban management.
Today, the suburb is a vibrant blend of heritage charm, coastal energy, and modern convenience, drawing residents, investors, and visitors alike, and the new and upcoming Ritz Hotel will be part and parcel of that offering. Its revival stands as a rare opportunity — not just to restore a local landmark, but to celebrate a bygone era while reimagining it for a new generation.
'Sea Point has many personalities — the more you explore, the more you discover these distinct nodes, each with its own energy. This particular area has been tired for some time, and it's clearly been waiting for an upgrade.
"I truly believe this project will add significant value,' Müller said.
In Sea Point's ever-evolving story, the grande dame is poised to reclaim her place — this time, with one foot in the past and the other firmly in the future.
All rights reserved. © 2022. Bizcommunity.com Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Khaleej Times
an hour ago
- Khaleej Times
Led by ADIB, UAE banks surge ahead with region's fastest market cap growth
The UAE's banking sector is powering ahead with added momentum, recording the highest quarter-on-quarter increase in market capitalisation among lenders across the Middle East and Africa in the second quarter of 2025, according to S&P Global Market Intelligence. Riding a wave of economic resilience, regulatory support, and strategic innovation, the sector is emerging as a beacon of strength and stability in an otherwise mixed regional banking landscape. Leading this remarkable performance is Abu Dhabi Islamic Bank (ADIB), which posted a 34 per cent surge in market value to reach $21.26 billion by the end of June. This leap pushed ADIB three spots higher in S&P's ranking of 20 regional banks, underlining its growing investor appeal and operational robustness. The bank's strong performance was driven by a string of innovative initiatives, including a partnership with Binghatti Holding to offer Shariah-compliant real estate finance and the launch of the UAE's first fractional sukuk investment platform, allowing retail participation with as little as $1,000 — significantly lowering the traditional entry barrier of $200,000. ADIB's fundamentals remain equally compelling. The bank reported an 18 per cent year-on-year increase in net profit for the first quarter to Dh1.9 billion, powered by sustained customer growth, a solid balance sheet, and growing business momentum. Its return on average equity stood at 23.5 per cent in 2024, making it the second-best performing lender in the region. With a net interest margin of 3.88 per cent and an efficiency ratio of 29.58 per cent, ADIB continues to outperform peers in both profitability and cost management. Other major Emirati banks also posted impressive gains in market value. First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, and Dubai Islamic Bank each reported double-digit growth in the second quarter. S&P attributed this collective uptrend to the UAE government's broad-based economic and social reforms, which have contributed to a reduction in credit risk and improved investor confidence. These reforms include financial market liberalisation, strategic investment in digital infrastructure, and a renewed push for economic diversification beyond oil. The UAE banking system's strong capital buffers and robust regulatory framework have positioned it well to weather external headwinds, including geopolitical tensions and fluctuations in oil prices. The Central Bank of the UAE recently reported that sector-wide capital adequacy stood at 17.8 per cent as of March 2025, comfortably above Basel III requirements, while the non-performing loan ratio declined to 5.1 per cent from 5.6 per cent a year earlier. S&P also noted that Israeli banks recorded strong second-quarter gains, despite geopolitical uncertainty linked to tensions with Iran. Mizrahi Tefahot Bank posted a market cap increase of 31.9 per cent to $16.89 billion, making its debut in the top-20 list. Bank Leumi and Bank Hapoalim followed closely, with respective gains of 25.2 per cent and 28.5 per cent. All three reported higher net profits in the first quarter, supported by sustained government backing, low non-performing loans, and stable asset quality. The Israeli banking sector achieved a near-record return on equity of about 15 per cent, according to S&P Ratings. In contrast, Saudi Arabia's banking giants saw a sharp reversal in fortunes. Despite Al Rajhi Bank and Saudi National Bank holding onto their top two spots in terms of market value — at $100.89 billion and $57.27 billion respectively — several other lenders in the Kingdom posted significant declines. Riyad Bank tumbled five places in the ranking following a 12.8 per cent drop in market cap, the steepest fall among the 20 banks surveyed. Alinma Bank and Saudi Awwal Bank also lost ground, shedding 12.6 per cent and 10.1 per cent respectively. Analysts attribute this underperformance to investor concerns over slowing credit demand, weaker quarterly earnings, and potential impacts from prolonged oil price volatility. Despite these divergent trends, the collective market capitalisation of the sampled banks reached $643.48 billion by the end of June 2025, underscoring the scale and dynamism of the region's financial institutions. Financial analysts said the outlook for UAE banks remains upbeat. The International Monetary Fund, in its latest Article IV consultation, projected the UAE's non-oil GDP to grow by over 5 per cent in 2025, with the banking sector playing a pivotal role in funding new ventures, green energy projects, and digital transformation. Fitch Ratings recently affirmed a stable outlook for the UAE's banking sector, highlighting ample liquidity, strong capitalisation, and an improving operating environment as key strengths.

Zawya
2 hours ago
- Zawya
World Bank Group Appoints New Country Manager for Burundi
Mr. Babacar Sedikh Faye has been appointed as the World Bank Group (WBG) Country Manager for Burundi, effective July 1, 2025. His appointment is part of a global initiative by the World Bank Group aimed at unifying and strengthening its representation at the country level. Mr. Faye will be responsible for the operations of all the institutions in Burundi, including the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA). " It is an honor to represent the World Bank Group in Burundi and to continue strengthening our partnership with the country. The World Bank Group's interventions have seen significant growth and notable impact in recent years. Our goal is to continue this growth, with more efficiency and innovation, to better support the country in its efforts to improve the living conditions of Burundians and reduce inequalities," said Babacar Sedikh Faye, World Bank Group Country Manager for Burundi. Mr. Faye arrives at a time when the Country Partnership Framework (CPF) is being prepared with Burundi for the next six years. The new CPF is the strategic framework that allows the WBG to better align its interventions with Burundi's development priorities. " The CPF is an opportunity for the World Bank Group to better integrate the interventions of all its institutions to support the government in achieving the ambitions defined in its plan titled 'Vision Burundi: Emerging Country by 2040 and Developed Country by 2060'. The WBG is also convinced that this will require sustained support for the emergence of a dynamic private sector that drives inclusive and sustainable growth," noted Mr. Faye. A Senegalese national, Mr. Faye joined the World Bank Group in 2006 as a legal advisor, based in Johannesburg, South Africa. He has since worked in a dozen countries and held various positions of responsibility within the IFC, which focuses on the private sector in emerging countries. Mr. Faye has notably been the Resident Representative of the IFC in Nepal, the Democratic Republic of Congo (DRC), Liberia, and Sierra Leone. Distributed by APO Group on behalf of The World Bank Group.

Zawya
3 hours ago
- Zawya
Pan-African Payment and Settlement System (PAPSS) and Interstellar unveil African Currency Marketplace eliminating $5 Billion trade bottleneck
Building on the successful rollout of its groundbreaking continental payment infrastructure, the Pan-African Payment and Settlement System (PAPSS), in strategic collaboration with Interstellar, a leading African deep-tech company, have announced the launch of the PAPSS African Currency Marketplace (PACM). The launch was announced on the sidelines of the 2025 Afreximbank ( Annual Meeting (AAM2025) held in Abuja from June 25 - 28. This next-generation Financial Market Infrastructure (FMI) represents a bold evolution of the PAPSS mission, addressing Africa's longstanding challenge of currency inconvertibility and enabling seamless, sovereign currency exchange for intra-African trade. For decades, Africa's economic momentum has been hindered by a fragmented financial landscape. The continent's 41 currencies, diverse regulatory environments, and lack of convertibility have created significant friction. To trade with neighbouring countries, African businesses have often relied on external (hard) foreign currencies for foreign exchange, creating what experts call the " hard and costly currency bottleneck." This workaround drains an estimated $5 billion annually in fees, delays, and opportunity costs, undermining the competitiveness of African enterprises and slowing progress toward realising the African Continental Free Trade Area (AfCFTA). 'PAPSS African Currency Marketplace is fully transparent, order book-driven, and operates with trusted counterparties, strictly adhering to local regulatory frameworks and global best practices,' affirmed Mike Ogbalu III, CEO of PAPSS. 'By creating a single, continent-wide liquidity pool, PACM serves as a powerful liquidity engine for intra-African commerce.' This launch marks a major strategic evolution in the PAPSS journey. According to Mr Ogbalu, since its official launch in 2022, PAPSS has enabled real-time cross-border payments across 17 countries, connecting 14 national switches and over 150 commercial banks. Initially piloted in the West African Monetary Zone (WAMZ), PAPSS rapidly expanded to become the core settlement layer of the AfCFTA's financial infrastructure. But while payment rails were laid, a deeper issue remained. 'We soon realised that solving for payments alone was not enough,' explained Mike Ogbalu. 'Corporations, airlines, reinsurance firms, and multinationals operating across Africa still faced a persistent hurdle: trapped capital, arising from limited currency convertibility and overreliance on hard currencies.' For example, he explained, over $2 billion is currently 'trapped' in African countries where airlines operate, unable to repatriate their funds due to exchange restrictions or depreciation of local currencies. 'The PAPSS African Currency Marketplace is the answer to that problem -- an extension of our commitment to building sovereign, frictionless financial infrastructure for Africa.' He added. The PAPSS African Currency Marketplace jointly developed by PAPSS and Interstellar, enables the direct exchange of African currencies without passing through hard currencies. As a transparent, continent-wide, peer-to-peer platform, it allows businesses to trade directly in local currencies in near real-time while remaining compliant with national regulations. It unlocks liquidity, releases trapped capital, eliminates excessive foreign exchange costs, and supports the continent's long-term goal of financial sovereignty. In partnership with PAPSS, the PAPSS African Currency Marketplace is built on Interstellar's enterprise-grade, blockchain-agnostic infrastructure, which enables the use of permissioned blockchain technology while ensuring institutional grade-security, scalability, and near instant settlement. 'This is not just about technology, it is about fulfilling a continental vision,' said Ernest Mbenkum, Founder and CEO of Interstellar during a fireside chat at the launch. 'PAPSS African Currency Marketplace was built from the ground up to serve Africa's specific needs. PAPSS and Interstellar are not just collaborators, we are co-architects of a new financial future, aligned in purpose and committed to transformation.' Ernest Mbenkum further emphasised, ' African currencies deserve a better place in the world. With this marketplace, your local currency is no longer just a medium of exchange, it becomes a vehicle of opportunity.' He also highlighted that this is only the beginning of Interstellar's vision, stating, 'We're building a future where Africa no longer needs to wait for foreign rails to move value. Our infrastructure will power Africa's financial renaissance. ' Haytham El Maayergi, Executive Vice President of Afreximbank, noted: ' The PAPSS African Currency Marketplace gives us the power to transform trade dramatically, bringing us to trade with each other with a major benefit that we can now accept each other's currency.' The impact is already being felt. During its pilot phase, more than 80 African corporates transacted across 12 currency pairs, with all transactions settled in local currencies. For example, a company like Kenya Airways, which earns Nigerian Naira from ticket sales, can now use PACM to directly exchange Naira for Kenyan Shillings—without converting through a third currency. Early adopters include ZEP-RE (PTA Reinsurance Company) and Access View Africa, which called the platform ' a dream come true.' PAPSS African Currency Marketplace liberates trapped capital, eliminates excessive FX costs, and transforms multi-week settlement delays into near real-time execution. PAPSS CEO Mr. Ogbalu noted that following positive experiences of some early adopters, PAPSS had received interest from institutions outside Africa seeking to join the ecosystem. 'This demand proves the value of what we've built,' he said. With over 150 banks already connected through PAPSS and growing demand across the continent, PAPSS African Currency Marketplace stands as a game-changing financial tool for a more unified, sovereign, and efficient Africa. Concluding his opening keynote, Mr. Haytham El Maayergi, Executive Vice President - Global Trade Bank at Afreximbank reiterated: ' Africa will not rise by ideas. Africa will rise by actions. " The PAPSS African Currency Marketplace is now open to eligible corporations, financial institutions, and other market participants across the continent. Distributed by APO Group on behalf of Afreximbank. Media Contact: Papa Thiongane communications@ Website: marketplace@ About PAPSS: The Pan-African Payment and Settlement System – PAPSS is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimising risk and contributing to financial integration across the regions. PAPSS collaborates with African central banks to offer payment and settlement solutions that commercial banks and licensed payment service providers (switches, fintechs, aggregators, etc.) across the continent can connect to, making these services accessible to the public. To date, PAPSS has developed and launched 3 payment solutions: PAPSS Instant Payment System (IPS), PAPSS African Currency Marketplace (PACM), and the PAPSSCARD. Afreximbank and the African Union ('AU') first announced PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA). Further, in its thirteenth (13th) extraordinary session, held on December 5, 2020, the assembly of the African Union directed Afreximbank and the AfCFTA secretariat to finalise, among others, work on the Pan-African Payments and Settlements System (PAPSS). The 35th Ordinary Session of the Assembly of the AU further directed the AfCFTA and Afreximbank to deploy the system to cover the entire continent. PAPSS was officially launched in Accra, Ghana, on January 13, 2022, thus making it available for use by the public. About Interstellar: Interstellar Inc. is Africa's leading enterprise blockchain infrastructure company —enabling secure cross-border transactions, stablecoin integration, and next-generation financial solutions across the continent. Its core platform, STARGATE, is a critical blockchain-agnostic, enterprise-grade infrastructure that empowers major institutions to build and scale secure, high-performance financial applications, including tokenization platforms and payments solutions.