Weekend Argus (Saturday Edition)
Granger Bay hotel facilities for sale
THE Radisson Granger Bay’s bar, restaurant and conferencing facilities are up for sale.
The hotel is an established piece of Cape Town’s prime waterfront real estate and the sale will be handled by Galetti Corporate Real Estate.
“We are incredibly excited about this sale, as prime hospitality investment opportunities like this one don’t come around often,” said John Jack, Galetti Corporate Real Estate CEO. “
“Investors can benefit from both a captive market and fully-equipped conferencing facilities and eateries.”
The restaurant and bar facilities had however been somewhat under-utilised, even after a record-breaking tourist season in Cape Town.
“If you compare it to more recent hotel and dining innovations, like the popular restaurant and bar Proud Mary in Rosebank, Johannesburg, the Radisson Granger Bay’s eateries are ripe for development.
“We believe that with the right owner, who understands what goes into creating an unforgettable dining experience, the Radisson’s eateries can easily replicate Proud Mary’s success.”
Jack also feels that the full potential of the Radisson Granger Bay’s 300-person conferencing facilities has not yet been realised.
“Cape Town has a scarcity of modern and well-located conferencing facilities, and the Cape Town International Conference Centre (CTICC) is unable to meet all of the demand.”
The property’s majority owner is the Hospitality Property Fund (HPF), which is owned by Tsogo Sun Hotel Group.
“The HPF’s property portfolio was valued at R10 billion in 2020 and includes iconic hospitality landmarks like The Westin Cape Town, Southern Sun Waterfront, Garden Court Umhlanga, and Birchwood Hotel & OR Tambo Conference Centre,” said Jack.
The remaining ownership balance of Radisson Granger Bay is controlled by high-networth individuals.