Sea Point’s iconic Ritz Hotel officially sold for US$13M, set for revitalization by new owners

SOUTH AFRICA – Sea Point’s landmark Ritz Hotel has officially changed hands, with reports indicating a sale price between ZAR 240 million (US$13.1 million) and ZAR 300 million (US$16.4 million).

This 23-storey building, once famed for its unique 360° revolving restaurant, is poised to enter a new chapter under the stewardship of a French-Dutch consortium partnered with a local property developer.

Together, they plan to breathe fresh life into the grand dame of Sea Point’s skyline.

The Ritz Hotel, located on Cape Town’s popular Atlantic Seaboard, has long been an architectural and cultural icon. Built in the early 1970s, it quickly became one of the tallest structures in the area and was renowned for its Art Deco-influenced design and panoramic ocean views.

Its revolving restaurant was one of only a few in the Southern Hemisphere, adding to its allure and status as a prime destination.

The sale follows years of uncertainty and stalled revival efforts. In 2016, businessman Nicky van der Walt undertook a major refurbishment estimated at around ZAR 120 million (US$6.55 million), soft-launching the hotel in 2018 with hopes of restoring its former glory.

However, legal and financial complications led to a Cape Town High Court order in July 2018, forcing the management company to vacate the premises and halting the reopening.

Since then, the building has remained closed and partially renovated, with significant structural and infrastructural work still required.

Negotiations for the sale have been ongoing for several months, with Bruce Hendricks, managing director of Hendricks Harmse Attorneys, representatives of the owners, confirming that final details are being ironed out.

The deal is understood to have been brokered by a local estate agency working through a private individual with international connections.

The new consortium is expected to continue the renovation work, aiming to restore the hotel’s prestige and potentially unlock additional development potential, as the site has some bulk available for expansion.

Local property experts highlight the uniqueness of the Ritz’s 23-storey height, noting that such approvals are unlikely to be granted again in Sea Point, making the property exceptionally valuable.

The revitalization is anticipated to elevate the surrounding area, already experiencing rising property values, and contribute to Sea Point’s ongoing transformation as a desirable residential and tourist precinct.

Sign up HERE to receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.