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#Taj Palace Hotel - 18F - Hotel - CBD | Complete

4280 Views 20 Replies 6 Participants Last post by  Mosi-oa-Tunya
Name: Taj Palace Hotel
Use: Five Star Hotel
Floors: 18
Status: Under Construction. Two historic buildings on a block are being gutted to make way for a development that will combine the historic structures with new build construction. A third historic building is being demolished on the site.
Location: Mandela Rhodes Place, Phase 2 site, Cape Town CBD








1 - 20 of 21 Posts
CT SECURES SA'S FIRST TAJ HOTEL

Property24.com



An architectural impression illustrating the Taj Palace Cape Town. The five-star hotel will form part of the Mandela Rhodes Place lifestyle complex in Cape Town's CBD.

2006/06/12

South African investment company Eurocape, the developers of the one billion rand Mandela Rhodes Place (MRP), has announced a partnership with Indian Hotels Company Ltd (IHCL) to develop a five-star 180-room luxury hotel - the Taj Hotel Cape Town.


The hotel forms part of Eurocape's MRP development and will cater mainly for the leisure and tourism market and will include a number of luxury apartments. It will be developed within two heritage buildings which form part of the MRP development and rooms will overlook Cape Town's cityscape and Table Mountain.

Construction on the hotel is set to commence in September and the project is scheduled for completion by the end of 2008.

IHCL owns and operates 75 Taj Hotels Resorts and Palaces across the world and the 300 million rand hotel in Cape Town marks their first major investment into South Africa.

The South African market has always been part of the company's Indian Ocean Rim development strategy, and in addition to Cape Town, Taj Hotels Resorts and Palaces intends developing two other hotel properties in Johannesburg and Durban. With properties in Maldives, Mauritius and Seychelles, additions in the main cities of South Africa will complete the strategy.

Raymond Bickson, MD and CEO of Indian Hotels Company, said the decision to invest in Cape Town is based on South Africa's status as the forerunner in tourism and hospitality in Sub-Saharan Africa.

"The country has been growing rapidly as a tourist destination, with tourism being one of the government's key economic drivers. We want to leverage the potential of the market and Cape Town is recognised as the most developed tourist market in South Africa," Bickson said.

Eurocape has been instrumental in regenerating the heart of Cape Town's city centre through its development of MRP, the Western Cape's largest
mixed-use development since the 1970s. Once complete, MRP will personify the concept of inner-city living, by offering accommodation and retail attractions found in many modern cities around the world, including the European cities of Prague, Dusseldorf, Barcelona and Dublin.

The first phase of MRP is nearing completion and is due for handover before the end of the year. In addition to 180 luxury apartments, the first phase includes a range of restaurants, bars, and Cape Town's first, fully operational inner-city winery.

The hotel forms phase two of the development, while the third phase of MRP is at planning stage and will include substantial retail and office space.- I-Net Bridge
SA-Indian partnership brings international hotel group to South Africa

eProp

14 Jun 2006 - Eurocape

Eurocape, the developers of the R1-billion Mandela Rhodes Place (MRP), has announced a partnership with Indian Hotels Company Ltd (IHCL) to develop Cape Town’s newest addition in luxury hotel accommodation.

(Cape Town, 12 June 2006) Eurocape, the developers of the R1-billion Mandela Rhodes Place (MRP), has announced a partnership with Indian Hotels Company Ltd (IHCL) to develop Cape Town’s newest addition in luxury hotel accommodation. The five-star hotel will form part of the Mandela Rhodes Place lifestyle complex in Cape Town’s CBD.

Indian Hotels Company Ltd (IHCL) owns and operates 75 Taj Hotels Resorts and Palaces across the world and the R300-million hotel at Mandela Rhodes Place marks their first major investment into South Africa. The South African market has always been part of the company’s Indian Ocean Rim development strategy, and in addition to Cape Town, Taj Hotels Resorts and Palaces intends developing two other hotel properties in Johannesburg and Durban. With properties in Maldives, Mauritius and Seychelles, additions in the main cities of South Africa will complete the strategy.

Mr. Raymond Bickson, Managing Director and CEO of Indian Hotels Company Ltd., said the decision to invest here is based on South Africa’s status as the forerunner in tourism and hospitality in Sub-Saharan Africa: “The country has been growing rapidly as a tourist destination, with tourism being one of the government’s key economic drivers. We want to leverage the potential of the market and Cape Town is recognized as the most developed tourist market in South Africa.

“We are delighted to partner with Eurocape in our introduction into South Africa. With our combined experience, Cape Town will soon be able to add a world-class product that promises a truly high-end luxury experience to its tourism offering,” Bickson added.

Adds Frank Gormley, Chairman of Eurocape and sister company Howard Holdings in Europe, “Working in partnership is the Howard Holdings and Eurocape philosophy and are very pleased to be involved with such a major global partner in this exciting second phase of the Mandela Rhodes Place development. With a legacy and experience dating back to 1903, Taj Hotels are the perfect choice to bring the royal tradition of Indian hospitality to South Africa.”

Joop Demes, Managing Director of Golding Hotel Investment Consultants, who was appointed by Eurocape to identify and facilitate negotiations with the most suitable hotel operator, is ecstatic with the final outcome. “There was fierce competition amongst the top global hotel operators to be involved with this prestigious project. With so many of the top brands competing, the final decision took more time than originally envisaged. There is no doubt in my mind that the location, heritage and building of the Eurocape Hotel is totally aligned with the great reputation Taj Hotels world wide is known for - we have without doubt secured for Cape Town one of the best hotel operators in the world!”

Leading South African developer, Eurocape, has been instrumental in regenerating the heart of Cape Town’s city centre through its development of Mandela Rhodes Place, the Western Cape’s largest mixed-use development since the 1970’s. Once complete, Mandela Rhodes Place will personify the concept of inner-city living, by offering accommodation and retail attractions found in many modern cities around the world, including the European cities of Prague, Dusseldorf, Barcelona and Dublin.

The first phase of Mandela Rhodes Place is nearing completion and is due for handover before the end of the year. In addition to 180 luxurious apartments, this first phase includes a range of restaurants, bars, and Cape Town’s first, fully operational inner-city winery. These will be complemented by a state of the art wellness centre, offices, gymnasium, swimming pool, roof-top garden and in-house parking.

The new luxury hotel forms phase two of the development and will cater mainly for the leisure tourism market. The hotel will comprise 175 rooms plus 20 luxury apartments and will be developed within two heritage buildings which forming part of the Mandela Rhodes Place development. These include the landmark Old Reserve Bank building, the Board of Executors building and the old Cape of Good Hope Bank building, which are flanked by St George’s Mall, Wale Street and Adderley Street and is within walking distance of Cape Town’s major tourist and cultural attractions. Rooms will overlook Cape Town’s cityscape, the Company’s Gardens and Table Mountain.

Construction will commence in September 2006 and the project is scheduled for completion by the end of 2008.

“The third phase of Mandela Rhodes Place is at planning stage and will include substantial retail and third generation office space. This will complete Eurocape’s aim of preserving the heritage of the central city while infusing the area with modern city living to create a vibrant city centre alive with cultural, retail and a variety of other attractions found in many modern cities around the world,” concludes Gormley.

Editor’s Notes:

About Taj Hotels Resorts and Palaces
Established in 1903, Taj Hotels Resorts and Palaces is one of Asia's largest and finest group of hotels, comprising 57 hotels in 40 locations across India with an additional 18 international hotels in the Maldives, Mauritius, Malaysia, Seychelles, Australia, UK, USA, Bhutan, Sri Lanka, Africa and the Middle East. From world-renowned landmarks to modern business hotels, beach resorts to authentic Rajput palaces, each Taj hotel offers an unrivalled fusion of warm Indian hospitality, world-class service and modern luxury. The Taj, a symbol of Indian hospitality, has recently completed the centenary of its landmark hotel, The Taj Mahal Palace and Tower, Mumbai. Taj Hotels Resorts and Palaces is part of the Tata Group, India's premier business house.

About Eurocape
Eurocape is a South African investment and development company, and was established in January 2003 as the brainchild of Howard Holdings plc, a major property development group in Ireland and the UK.

Eurocape is currently developing the R1-billion Mandela Rhodes Place in the heart of Cape Town’s CBD. The group purchased seven buildings on two historic city blocks to create Mandela Rhodes Place. Once complete, the development will boast a spectacular new glazed tower, sensitively divided and constructed between the historic structures and providing property buyers with unparalleled views of the cityscape, V&A Waterfront and Table Mountain.

About Howard Holdings
Howard Holdings has over R20-billion worth of property developments and investments in the European market, including a prestigious portfolio of both residential and commercial projects. In one of the largest deals last year, Howard Holdings acquired the Whitgift shopping centre in Croydon, the UK’s 8th largest retail mall at a cost of R2-billion. Earlier this year the group acquired Coventry airport – a regional airport in the UK Midlands.

About Golding Hotel Investment Consultants
Golding Hotel Investment Consultants (GHIC), a subsidiary of the Pam Golding Property Group and member of the Savills Property Group, are regarded as the leading facilitators in the South African Hospitality and Leisure industry. GHIC have advised Eurocape on a number of deals in South Africa and specialize in the assembly, planning, development, leasing, acquisition and funding of commercial hospitality and leisure developments.

ENDS

ISSUED BY: The Phoenix Partnership
ON BEHALF OF: Eurocape
MORE INFORMATION: Wendy Masters, The Phoenix Partnership
(021) 422 2541 or 083 501 5001
love it love it! wasnt it supposed to be a sofitel?

But still, I loooove it.
Cool, very diff from Taj's normal designs, very classy.
I wonder when our's will break ground?
That´s a good development, maybe a it will a smaller version of that recently completed Hearst Tower in New York by star architect Norman Foster! I like it if old meets new in perfect harmony!
looks solid to me will very cticc i like it
I hope it ends up looking like that.
love it love it! wasnt it supposed to be a sofitel?

But still, I loooove it.
Yes it was supposed to be a Sofitel about three years ago when the Mandela Rhodes Place development which the hotel is a part of was announced. But Sofitel later pulled out of the development back then due to the oversupply of five-star hotel rooms in CT after the ArabellaSheraton was built (that was before the World Cup was announced). At that time it was projected with 150-rooms at a cost of R230 million. Mandela Rhodes Place is a mixed-use development that initially was projected at R500 million in 2004, but due to cost escalation and revisions to the development cost was increased to R 1 billion in 2006 after they divided it into three phases:

Phase 1 - Residential Apartments
Phase 2 - Luxury Hotel
Phase 3 - Retail & Offices

Phase 1 was completed last year and was opened by Mayor Helen Zille and former Archbishop Desmund Tutu in November 2006 at a grand opening gala.

Phase 2 has already begun and they are reportedly in the process of gutting the two 100 year-old buildings (a third historic building is being demolished) so they can be combined with the tower block housing the Taj Hotel that will apparently be built on top of them.

Phase 3 I understand is still in the planning stages but will start sometime this year.

Eurocape brought Taj Hotels on board in June of last year to jointly develop the hotel which will now have 175 rooms and 20 apartments, while the development cost was also revised to R300 million. I've read in the press that the hotel may be revised again to about R400 million to R500 million due to the similar cost escalation issues that arose when they got going on the apartment phase two years ago. I've read lately that they are talking about the three phases combined now costing R2 billion.
I hope it ends up looking like that.
Do you have some photos or know what is happening at the development site which is at the city block of the landmark Old Reserve Bank building, the Board of Executors building and the old Cape of Good Hope Bank building, which are flanked by St George’s Mall, Wale Street and Adderley Street?
No i dont..maybe i could find out but i have no time.
Eurocape ploughs cash into inner city revivals

Business Report

October 13, 2006

By Tom Robbins

Cape Town - Irish property developer Eurocape Holdings said it would continue investing in South African inner cities, following investments of R1 billion in Cape Town.

Privately held Eurocape plans to complete the first phase of its Cape Town project, the swish R500 million Mandela Rhodes Place apartment and restaurant redevelopment, in mid-November.

Work has also begun on the "R400 million to R500 million" joint venture with the Tata Group's Taj Hotels Resorts and Palaces to build a five-star Taj Hotel at the top end of St Gerorge's Mall. The hotel construction will incorporate two historic buildings that once housed two of the country's oldest financial institutions, the Reserve Bank and the Board of Executors, now BOE.

Eurocape chief executive Martin Kearns said the next phase would be the refurbishment of the 106 Adderley Street office block. Kearns said the firm had opened a Johannesburg office and was looking at proposals in that city's central business district (CBD).

In the past five years the rejuvenation of the Johannesburg and Durban CBDs has made some progress, helped by tax breaks for landlords who upgrade buildings.

Kearns said Eurocape's investors, which included Irish private equity firms, had noticed the beginnings of the revival of Cape Town's CBD and spotted an opportunity following successes associated with the phenomenal turnaround of Dublin and other cities.

He said the catalyst to Cape Town's rejuvenation, which was being led by office-to-apartment conversions and restaurant openings, was the formation of a partnership between the municipality and businesses to arrest the decay by focusing on crime and grime.

Property owners pay a levy that helps fund additional cleaning and security services, including tourist-friendly horse patrols. Authorities are also sprucing up public spaces, including the city's squares.

Cape Town Partnership chief executive Andrew Boraine said the ability to react quickly to simple things, such as vandalised phone booths, had been vital to building confidence in the city. Boraine said that freeing up parking, by regulating it, had helped attract shoppers back to the city.

Mandela Rhodes Place was the most significant investment to date because of its scale and because it reflected foreign confidence in the city, Boraine said.

Coronation Fund Managers investment analyst Ndabe Mkhize said in general the demand for space in Cape Town's inner city had been higher than in other CBDs, evidenced by lower vacancy rates than in the other metropolitan areas.

Mkhize said office block conversions, such as the Mandela Rhodes Place development, had a positive impact on vacancy rates and helped lure young professionals to the city.

Boraine said since 2000 there had been upgrades to 160 buildings in the city, ranging from "a lick of paint" to totally refurbished buildings.

However, he said that the provision of affordable housing had been "far too slow" and that the city needed to be able to provide accommodation for shop assistants and lower paid public sector staff.

Boraine said this market segment was vital to sustaining retail in the CBD.

But Mkhize said that without support from the government he did not see significant low-cost housing being built.

He thought there was greater potential for lower income residential flats in the Durban CBD, where prices were more affordable.

Boraine said one contradiction of urban renewal was that success led to higher rentals, which made it more difficult for "quirky" and independent retailers to survive.

Many of these stores are the very attractions that continue to pull tourists to the shops and restaurants on the Long Street entertainment strip in the Cape Town CBD.
City of Cape Town

8 November 2006

The intense development activity in Cape Town's Central City that has characterised the area over the past few years continues apace.

Preparatory work is soon going to commence on construction of the new Taj Hotel development in St George's Mall which is part of the iconic Mandela-Rhodes Place project.

The initial activity requires the demolition of the old Cape of Good Hope Bank Building at the Wale Street end of St George's Mall. In order for demolition to commence, trucks will have to access the Mall where currently five 8 metre high Celtis sinensis, commonly known as White Stinkwood, trees are situated.

Cape Town's City Parks Department, in order to save the trees, have arranged that they will be relocated to the City Council nursery in Newlands until suitable new locations have been found for them. In effect, no trees will be harmed, and City Parks will continue to encourage Central City developers to incorporate similar trees into their new urban design plans.

Martin Kearns, CEO of Eurocape, has confirmed that for every tree removed, the company will plant double the number of trees in appropriate community locations as part of their ongoing Corporate Social Investment commitment.

Footnote:
The removal operation will provide an excellent photo opportunity. It will probably take place towards the end of next week. Please liaise with Dave Curran in this regard.

Issued by:_Directorate: Communication and Marketing_City of Cape Town_Tel: 021 400 2201 _Fax: 021 957 0023

Media queries:_Dave Curran_City Parks_City of Cape Town_Cell: 084 629 6965

Wendy Masters_Phoenix Partnership_Cell: 083 501 5001
Bollywood aids SA film school

November 13 2006 at 01:43PM

Cape Argus

By Philda Essop

Excerpt from article:

The delegation also visited the Tata group, India's largest private sector group, with over 96 companies in various sectors. Rasool said that "very exciting possibilities" emerged out of the meeting.

"They are currently building one Taj hotel in St George's Mall. They are so positive and said that if our flights are sorted out, they might build three Taj hotels in Cape Town. We are very excited. It is the small things that we need to get right, like the airlines and film locations."
Mandela Rhodes Place launched

Irish Indepedent

November 26, 2006

THE €125m Mandela Rhodes Place development was officially launched on Monday night at a glittering ceremony in Cape Town, South Africa attended by over 650 guests.

The gala event attracted a range of dignitaries, including Archbiship Emeritus Desmond Tutu and Mandela Rhodes Foundation chairperson Jakes Gerwel.

The massive seven building development includes 180 apartments, a luxury hotel, swimming pool, gymnasium, health and wellness centre has 180 luxury units and is the biggest development in the historic city centre.

The project is regarded as a catalyst in inner-city rejuvenation and is one of the largest mixed-use developments in Cape Town since the 1980s. The scheme has been undertaken by Eurocape Holdings, an Irish-South African investment company directly linked to Irish-based Howard Holdings.

Eurocape chairman Frank Gormley is working closely with the city of Cape Town and the Cape Town partnership to bring new homes, businesses, entertainment and leisure facilities to the Old Town.

Major scheme

Mr Gormley said his group will be announcing a major scheme in the East City shortly. The aim of developments like Mandela Rhodes Place is to ultimately link the waterfront to the foot of Table Mountain through a vibrant city centre comparable to the top cities of the world.

The project includes a new flagship restaurant operated by Irish-based Cafe Mao.

A two year construction programme has seen the seven buildings across two historic city blocks at the top end of St George's Mall transformed into an ultra-modern lifestyle development.

The facades of the seven buildings, all steeped in architectural heritage, have been retained and restored through cleaning and refurbishment - a painstaking process requiring minute attention to detail.

The development showcases three beautiful old buildings brought back to life, complemented by two modern showpieces reflecting 21st century architecture. While from the outside it appears as though very little has changed, the interior (pictured below) embodies international trends in luxury city living - situated in a grand, historic setting, all beneath the scenic splendor of Table Mountain.

Phase 2 of Mandela Rhodes Place is the development of the 5-star Taj Palace hotel, occupying the city block bordered by Wale Street, Adderley Street, Church Street and St George's Mall. The salvage process, including the protection of historic columns, wood paneling and windows is complete.

Con Power
Expansion spree for Taj brand

TTG India

December 2006 / No.1503

The Indian chain is eyeing key cities worldwide as suitable locations for its luxury properties

By Anand and Madhura Katti

MUMBAI – Indian Hotel Company-owned Taj Hotels Resorts and Palaces, is on a major expansion spree which will see properties in Boston, Cape Town and Doha, among other capitals, flying its flag.

Indian Hotels Company (IHC) managing director and CEO, Mr Raymond Bickson, told TTG India: “Some 26 hotels of IHC, including those in the luxury segment, are currently being developed.”

The group has entered into an agreement to buy The Ritz-Carlton, Boston in the US. The US$170 million transaction is scheduled to close on January 11, 2007, when it will be renamed Taj Boston.

Mr Bickson said: “The Ritz-Carlton’s rich heritage, superb location and grand architecture make it an ideal fit for a Taj. The addition of this hotel reiterates our commitment to establishing a significant presence for the Taj Hotels Resorts and Palaces brand in key destinations across the globe.”

The 273-room luxury hotel is next to the famous Boston Public Garden and the city’s premiere retail district.

Taj Hotels is also launching four other luxury projects internationally. IHC has partnered with Eurocape, the developers of the US$140 million Mandela Rhodes Place lifestyle complex in Cape Town, South Africa, to develop 174 luxury hotel rooms and 20 luxury residences.

Construction started in September 2006 and the project is scheduled for completion by the end of 2008.

It also intends to develop two other hotel properties in Johannesburg and Durban.
Gormley links up with hotelier

Sunday Business Post - 2007/01/28 - Gormley links up with hotelier

Sunday, January 28, 2007 - By Neil Callanan

Excerpt from article:

Gormley spoke highly of opportunities in South Africa where he has already developed the Mandela Rhodes Place commercial and residential scheme.

Howard Euroscape has signed a contract with the Tata Group of India to develop a five-star hotel in South Africa with a minimum of 152 bedrooms and 22 luxury residences.

The venture is a 50-50 partnership and involves a cash injection of €7.45 million by the Taj Hotel group, an upscale operator set up by the founder of Tata, which will run the hotel.

The project will be leased to the operator on a 20-year management contract with a six per cent annual return on cost guaranteed. The project will have a capped cost of €32 million and should have a gross development value of €48 million on completion. Howard also has major commercial and residential schemes underway elsewhere in the city and country.

Gormley said that the tax relief involved in Urban Development Zones was similar to that offered here 15 years ago and will fuel the inner city regeneration there.

Any taxpaying, property owning, individual or entity may claim the tax benefits of the UDZ incentive which is a tax allowance allowing an accelerated depreciation of an investment made in either the refurbishment of an existing property or the creation of new developments within the inner city, over a period of five or 17 years respectively.

Gormley was speaking at last week’s Irish property developers conference whose sponsors included PwC, DTZ Sherry FitzGerald, Pierse and Amarach Consulting.
R24bn Set to Revamp City Centre

Cape Argus

16 April 2007

Lindsay Dentlinger

Excerpt from article:

Their first development in the CBD, Mandela Rhodes Place, was completed last year.

The PR representative for Eurocape, Wendy Masters, said demolition work was well under way on the hotel project, which should be completed by the end of next year.

The R300 million hotel will be built in the Old Reserve Building, the Board of Executors building and the old Cape of Good Hope Bank building.

A third Eurocape development is Chancery Square - a retail development planned for 106 Adderley Street.

Boraine said the three-block development by Eurocape would make St George's Mall an important link between the upper and middle part of the city centre.
I thought the R24billion estimate was being optimistic but its looking like it prob is that.
This article is only an excerpt about this project so the full one can be found on IOL.
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