It’s been reported by IOL’s Marvin Charles that Cape Town Stadium will get an extra 162 luxury suites, at a cost of R282 million.
According to the City’s business plan for the stadium, it will be looking into expanding its hospitality offerings in line with international research and benchmarking of commercially-successful international stadiums.
“Cape Town Stadium has embarked on the expansion of its in-stadium hospitality offering. This involves the design and construction of additional suites at Cape Town Stadium. 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. This project is scheduled to be completed in February 2021,” the business plan says.
The plan stated that a critical commercial revenue generator was the naming rights to Cape Town Stadium. This initiative has advanced as there are discussions underway in securing a naming rights partner.
“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,” says Deputy Mayor and Mayoral Committee Member for Finance, Ian Neilson. “Additional suites present the opportunity to sell packaged experiences, such as hospitality, food and beverages, thus creating a more profitable financial model.”