Historic Cape Town hotel reportedly sold for R240 million
Buyers have reportedly purchased the once eye-catching but now rundown Ritz hotel on the popular Atlantic Seaboard for about R240 million.
The iconic Ritz hotel in Sea Point, a standout on Cape Town’s Atlantic Seaboard, had lost its former glamour in recent years.
In 2018, developers undertook major renovations and prepared to reopen the hotel with great fanfare. However, the Cape Town High Court halted those plans, ruling that the management company occupying the building had failed to pay the required fees to Ritz Plaza, the property’s owner.
At the height of its popularity, the Ritz hotel reportedly maintained an 80% occupancy rate. It gained a reputation for its innovative design and its striking revolving restaurant, which offered guests a 360-degree view of the city.
Unfortunately, the historic hotel has remained closed since July 2018, but according to property broker Ash Müller, a ‘new chapter’ could be dawning after it has been snapped up for a reported sale price of around R240 million.
Interestingly, the post drew a response from Cape Town mayor Georgin Hill-Lewis, who commented: “My wife and I ate dinner at the revolving restaurant on the night we got engaged. I really hope to see this old gem revived.”
“This was an award-winning and innovative hotel for its time due to the way it was built in a modular form,” Müller previously shared. “The bathrooms and bedrooms were all prebuilt off-site and dropped in one by one from the top of the hotel. It won many awards in the early 70’s for the way in which it was constructed.”