South Africa: Gunne Residential is launching luxury suites at a six-star hotel in Cape Town, South Africa today with prices starting at around €80,000.
Claridges Hotel, in the upmarket Greenpoint area of Cape Town, is due to open in mid 2005 with 148 suites and five swimming pools. It is a €52 million development minutes from the waterfront and close to a range of cafes, bar and restaurants.
Developer Paschal Phelan is guaranteeing a 6 per cent return for investors who buy for the first two years. Thereafter, suite owners will receive 20 per cent of hotel's turnover. Claridges Hotel is likely to be run either by the W Hotel Group from the US or the Southern Sun group.
Suites range in price from about €80,000 up to around €340,000 for a 570 sq m (6,135 sq ft) "presidential penthouse" complete with its own swimming pool, Jacuzzi and sweeping sea views - there are just two of these top-of-the-range suites and one has already been purchased.
Nearly all the suites come fully furnished but there will be at least one floor of two-bedroom suites where owner-occupiers will live full-time.
Cape Town is at the heart of the South African tourist product. About 50 per cent of all international tourism spend in the country is in Cape Town.
