A new private-members-only club will open in Cape Town next month as South Africa\u2019s second-biggest city attracts more corporate investment and wealthy residents.<\/p>\n\n\n\n
Maison Grace, developed by Kasada Capital Management \u2014 the Africa-focused hospitality firm backed by the Qatar Investment Authority and French hotel group Accor SA \u2014 aims to attract members from a range of professions and industries.<\/p>\n\n\n\n
Located within the Cape Grace hotel estate on a private quay at the V&A Waterfront, the club is the latest sign of Cape Town\u2019s growing economic and cultural influence. Private members\u2019 clubs are synonymous with global wealth centers such as New York, London, Singapore and Dubai.<\/p>\n\n\n\n
Good governance and job creation that outpaces that of other major South African metros are fueling internal migration to the coastal city. <\/p>\n\n\n\n
At the same time, its growing technology and startup ecosystem, picturesque scenery and temperate climate are attracting global talent as well as high-income earners and holidaymakers.<\/p>\n\n\n\n
It\u2019s among Africa\u2019s fastest-growing hubs for millionaires and is set to overtake Johannesburg as the continent\u2019s richest city by 2030, according to Henley & Partners. <\/p>\n\n\n\n
That\u2019s prompting local companies to bolster premium offerings with the V&A Waterfront leading the shift through the construction of a luxury mall, a new super-yacht marina, high-end residences and Marriott International Inc.\u2019s most luxurious hotel on the continent.<\/p>\n\n\n\n
Still, Cape Town\u2019s boom is contributing to a shortage of affordable housing and pricing locals out of the property market, where home prices have risen 30% in the five years through March 2024. <\/p>\n\n\n\n
Inequality and violent crime, particularly in areas where the apartheid government forcibly relocated people of colour, remain major concerns.<\/p>\n\n\n\n
Across Africa, private members\u2019 clubs are emerging in some of the wealthiest cities such as Lagos and Nairobi, where large groups of entrepreneurs, investors and other leaders are willing to pay to join exclusive communities.<\/p>\n\n\n\n
\u201cWe believe demand is being driven by broader shifts in how people live, work and connect,\u201d Olivier Granet and David Damiba, Kasada\u2019s managing partners and co-chief executives, said in response to questions. <\/p>\n\n\n\n
\u201cWhere market fundamentals are right, these concepts have the potential to strengthen hospitality assets by creating year-round engagement, diversified revenue streams and deeper connections with local communities\u201d.<\/p>\n\n\n\n
While Maison Grace marks Kasada\u2019s first investment in private members\u2019 clubs, the firm would consider similar opportunities across the continent given the right conditions, they said. Its portfolio includes 20 hotels across seven African locations.<\/p>\n\n\n\n
The club in Cape Town will offer year-round dinners, talks, cultural events, wellness experiences and curated partnerships.<\/p>\n\n\n\n
Membership is by application and review, with annual fees \u2014 excluding initiation costs \u2014 starting at R30,000, and lower rates for members aged 35 and younger. The national median monthly income is less than R5,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
A members-only club will soon open in Cape Town, catering for the city’s wealthy residents.<\/p>\n","protected":false},"author":59,"featured_media":867797,"comment_status":"open","ping_status":"","sticky":true,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"posted","_sma_x_autopost_error":"","_sma_x_post_id":"2082091460900376870","_sma_x_attempts":1,"footnotes":""},"categories":[12755],"tags":[25954,25956,25953,25957,25955,25952],"class_list":["post-867794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-accor","tag-david-damiba","tag-kasada-capital-management","tag-maison-grace","tag-olivier-granet","tag-v-a-waterfront"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/867794","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=867794"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/867794\/revisions"}],"predecessor-version":[{"id":867798,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/867794\/revisions\/867798"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/867797"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=867794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=867794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=867794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}