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This is how much Oku Hotels paid for Ritz
Cape Argus
|September 18, 2025
OKU Cape Town forked out R368 million to acquire the iconic Ritz Hotel in Sea Point: a building condemned and declared unfit for humans a few years back.
While so many numbers had swirled around, leaving it at anything between R240-300 million, registration records show the building exchanged hands at a much higher R368m.
The international Oku Hotels group — known for its mainly adults-only laidback luxurious hotels - is likely to retain the 23-storey building and local developers say this makes sense as it is unlikely the city will ever again allow such high rises in the area.
Piers Bradley, CEO of OKU Hotels, said it would honour the building's heritage while “introducing our signature blend of hospitality and lifestyle concepts, from serene spa rituals to vibrant dining and lifestyle spaces”.
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