15 hours ago
Ritz Hotel Cape Town poised for sale: A new chapter for Sea Point's iconic landmark
The Revolving Restaurant may still get its turn again.
Located on the popular Atlantic Seaboard, the Ritz Hotel Cape Town is on the brink of being sold for R240-300 million to either a Dutch or French company.
Bruce Hendricks, MD of Hendricks Harmse Attorneys, one of the representatives of the owners and whose company is managing the Ritz Hotel building, confirmed they were deep in negotiations for the sale, with some i's to be dotted and some t's to be crossed.
"Depending on the final stages of these negotiations, the sale could go through by next Friday," he said.
Hendricks could neither confirm or deny the amount the owner had accepted for the sale nor with whom they are negotiating.
There were still some final issues being negotiated and that would be the deciding factor on whether the building will put up a "sold" sign next Friday.
It is believed the deal is being brokered by a local estate agency via a private person with international connection and that the buyer (a consortium) is said to be going to continue with the renovations of the building.
This was not the first offer taken to the owners, with the hotel in a prime position and ripe for renovation and upliftment.
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.
