The Southern Sun Group has bought the Rosebank icon The Grace Hotel for R 85m.
When I lived and worked inJohannesburg, back in the distant 1990’s, this was my favorite haunt for a business breakfast. It was so much classier than the glass-and-chrome monsters in Sandton. Si I was rather sad to hear that it had been slated fro closure. In truth the area had changed radically – Rosebank has gone hopelessly downhill, and has risen from the ashes since then. The new Gautrain has made travelling to Sandton just that much easier. At the same time, practically all business has not migrated North, very little is left in Braamfontein and Rosebank.
It is also true that there has been a massive over=build of hotel rooms in the city. Johannesburgis mainly a business hub, and so tends to stand empty 3 nights a week, But with the benefit of a 10 month season.
Nonetheless – R 85m for 73 rooms, or R1.16m a room, is a stiff price to pay.
Good luck and I hope they keep the standard up!