By John Jack, CEO of Galetti Corporate Real Estate
A sizeable portion of the Radisson Granger Bay, an established and iconic piece of Cape Town’s prime waterfront real estate assets is coming to market. The hotel’s bar, restaurant and conferencing facilities are up for sale, with the transaction to be handled by Galetti Corporate Real Estate. The site is unrivalled in location and views, and investors can benefit from both a captive market and fully-equipped conferencing facilities and eateries.
Opportunities to capitalize on under-utilized assets
While the Radisson has excellent location advantages, the hotel’s restaurant and bar facilities have been somewhat under-utilized, even after the conclusion of 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. Proud Mary is managed by seasoned restaurateurs, independently of the co-located Voco Hotel. This strategic decision has helped the eatery become a smash success. And, with a new owner who understands what goes into creating an unforgettable dining experience, the Radisson’s eateries are perfectly positioned to replicate Proud Mary’s success.
Addressing the lack of suitable conferencing facilities in Cape Town
City officials have recently ramped up their campaign to position Cape Town as ‘the best place to do business in South Africa,’ but the lack of spacious and full-service conferencing facilities in the city is a significant challenge that hospitality investors can help resolve. Further promoting and developing the Radisson Granger Bay’s 300-person conferencing facilities will assist with meeting the wealth of untapped demand. The Radisson’s appeal as a full-service conference venue is further bolstered by the property’s luxurious finishes, experienced staff, panoramic views and excellent technology infrastructure.
Radisson Granger Bay ownership history
The property’s majority owner is the Hospitality Property Fund (HPF), which had previously been the only hotel and resort real estate investment trust listed on the JSE. In 2020, the Hospitality Property Fund lost its REIT status and became an unlisted subsidiary of Tsogo Sun Hotels.
The Hospitality Property Fund’s portfolio is sizeable, 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. The remaining ownership balance of Radisson Granger Bay is controlled by high-networth individuals.
We know that prime hospitality investment opportunities like this one don’t come around often – here’s your chance to own an iconic part of the Waterfront!
Contact justin.thom@galetti.co.za to register your interest.
