After much speculation, the deal has been done today and the Ritz Hotel Cape Town has been sold to an international hotel group.
The group is OKU Hotels, confirmed Bruce Hendricks, MD of Hendricks Harmse Attorneys, one of the representatives of the former owners and whose company is managing the Ritz Hotel building. Hendricks was busy writing up a new contract, approved by both the sellers and the buyers, when we briefly touched base earlier on Thursday.
OKU Hotels has luxurious top-end hotels in both Ibiza and Cos, amongst others, and is known for their minimialist design and slow living. Described on their social media as having “laidback five-star hotels across the Mediterranean, blending bohemian design with local touches”.
The brand is inspired by the Japanese concept of “inner space” and aims to provide a space for modern travelers to “relax and reconnect with themselves”.
The negotations between the Hurwitz/Roffey families (owners of The Ritz) and the group were going on for a long with some final issues to be finalised before it was done and dusted today. A new contract is busy being prepped and finally the Hotel, that we nicknamed the Titanic of Sea Point, will have new owners with big dreams.
There was so much speculation about who the new owners would be with some even guessing as far as China. Also it was reported ad nauseum that the hotel had been sold last week, when in fact the teams were in sensitive final negotiations and it was not a done deal. It is believed that the group paid anything up to R300 million for the hotel.
OKU Hotels, according to reports, is owned by Westfort Capital, an investment firm. They acquired the OKU brand after purchasing two properties previously owned by Thomas Cook. Westfort Capital also owns and operates the OKU Ibiza and OKU Kos resorts. In 2022, Alychlo acquired a 50% stake in the OKU Leisure Group, which owns and operates the OKU hotels, from Westfort Capital.
It is a boutique collection of “soulfully-curated, laidback luxury hotels, created for the modern traveller, giving them the opportunity to uncover their own OKU, to return to their true selves”.
The brand says its “meticulously designed sanctuaries are conceived with barefoot luxury, enriching experiences, local connections and slow living at heart” and specialises in “modernist beachside” accomodation.
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. Added to that neighbours in the area say it has become a home for people without homes, and at night some say they can see candles burning in the hotel. Security however has been quite tight at the building since evictions were served and hijackers removed.
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 surroundings”.
South African developers were themselves vying for ownership of the Hotel which in its day was loved by the community – not so much today with lots of complaints on how it is attracting crime to the area by being vacant for so long.
“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.
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 unknown, but if the other hotels OKU Hotels has touched is anything to go by it will be high-end.
The group was formerly Casa Cook Hotels and it was in 2021 that it launched its brand with the two Med properties. Owners Westfort Capital are known to come in and renovate hotels that are in need of help.
To get an idea of what they can create: The 184-room OKU Ibiza opened in 2021 with guestrooms, suites and oceanview penthouses, including an OKU Signature Suite and a four-bedroom villa with a private pool. Other amenities at Ibiza hotel include two hotel pools and a semiprivate pool serving six swim-up rooms; a spa; fitness studio; juice bar; and two eateries, OKU Restaurant and To Kima.
The OKU Kos on the Greek island of Kos, offers 100 guestrooms, including suites with private and semiprivate pools and several private two-bedroom villas. The adults-only resort features a main pool and direct access to a private beach on the Aegean Sea as well as a spa, hammam, sauna and fitness studio.
Rates at both properties start at about $220 (about R4000) a night.
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