Latest news with #BruceHendricks
IOL News
6 days ago
- Business
- IOL News
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.
IOL News
20-06-2025
- Business
- IOL News
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.
