Making a hotel home – not only for celebs
Public investment and demand for five-star lifestyle is on rise in CBD
CARE to live the life of crime novelist Agatha Christie, who spent months in a top-class hotel in Cairo, Egypt, writing her novels? Or what about walking in the footsteps of Marilyn Monroe, who made the Beverly Hills Hotel her home for two years?
Hollywood stars, writers and famous musicians have locked themselves away in some of the world’s fanciest hotels for months, years, even decades, enjoying raiding mini-bars, ordering midnight room service and being served at all hours.
If they were around today they would not have had to fork out astronomical daily hotel rates – they could have bought the suite they loved and truly made it home.
In Cape Town this is a growing reality, where the fabulous lifestyle and added value offered by hotel apartments is increasingly sought by buyers looking for an exclusive lockup-and-go lifestyle in the downtown area.
Although investing in hotel suites is still a relatively new concept, Warren Emett, Alan Screen and JP Ricketts, sectional title agents for Seeff City Bowl, say the demand is rising. They are generally located in the high-demand City Bowl area, with demand coming both from a residential and rental perspective.
Move over the Nile Hilton and Beverly Hills Hotel – buyers here have their eyes on suites and penthouses in popular local hotels such as the Taj, Radisson Blu, the Pepper Club and 15 On Orange.
Like ordinary apartments, these units are zoned as sec- tional title, but aside from the status of investing in a topclass hotel, you also get the security and privacy that comes with this type of purchase. The finishes are generally of high standards and the suites plush and beautifully decorated, offering a high level of comfort, luxury and convenience.
You also get access to amenities such as secure parking, a valet and concierge service, daily newspapers, breakfast and meals, bistro and fine-dining restaurants, bar and cigar lounge, laundry and full servicing of the unit. Most also have a gym, pool and luxurious spa.
With perks like these it is easy to understand how the rich and famous succumbed to the allure of hotel living. Billionaire recluse Howard Hghes had a penchant for hotel living, as did Hollywood stars Elizabeth Taylor and Paul Newman and singer Mick Jagger. (See more right)
Now one does not have to be a billionaire, famous or eccentric to live in a hotel.
For busy executives for instance, hotels offer the perfect lock-up-and-go. They offer business facilities and an ideal base for meetings, breakfasts and lunches.
“This type of apartment is not only an excellent corporate investment, it is also ideal for own-use buyers who can use it for a mix of business and leisure. It is, of course, a luxurious residential option,” say the agents.
As an added incentive, investors can participate in the lucrative tourist market in the city. When not in use, most of these hotels offer a rental pool to allow you to tap into the city’s flourishing tourist market and short-term rentals.
Resale values also tend to be excellent, given the high demand and capital growth in the CBD and surrounds.
In Riebeek Street in the CBD, the Radisson Blu is one hotel offering a limited number of suites for sale.