In the past few months, the Mother City has been embarking on the expansion of its hospitality offerings. In the interest of making it a more appealing hospitality option, there will be 162 more luxury suites added to Cape Town Stadium.
As reported by IOL, the City of Cape Town’s business plan for the stadium includes ensuring its offerings fall in line with international research and the benchmarks set for other international stadiums that are successful. Building the new suites will cost R282-million.
“The operations and events department will be responsible for the managing and oversight of this strategic capital project. The project increases the number of suites by 162, bringing to 230 the total number of suites available at the stadium,” the business plan reportedly reads. “This project is scheduled to be completed in February 2021.”
The Naming Rights to the stadium are also a large commercial revenue generator, and this has spurned discussions to secure a Naming Rights partner. It is reported that three potential partners have expressed interest thus far.
““The need to increase the number of suites at Cape Town Stadium was identified during the various financial modelling phases whereby it was evident that additional suites significantly increase the earning potential of a stadium. Additional suites present the opportunity to sell packaged experiences, such as hospitality, food and beverages, thus creating a more profitable financial model,” Cape town Deputy Mayor and Mayco Member for Finance Ian Neilson said. “Approximately 3500m² in size has been identified for the purposes of commercial and retail space. A rigorous valuation process was conducted for those spaces whereby the price was determined to be between R90/m² to R170/m² in size depending on the actual location and other related factors.”