Razon buys golf, leisure estate in South Africa
Billionaire Enrique Razon Jr., the country’s richest individual, has gained a stronger foothold in South Africa via his acquisition of an estate that includes a 212-hectare golf course and luxury hotel.
Bloomberg reported on Wednesday that the port, gaming and infrastructure tycoon had bought the Pearl Valley Jack Nicklaus signature golf course and Pearl Valley hotel within the Cape Winelands region, although Razon’s investment was not made public.
A March 20 notice by the South African Department of Trade, Industry and Competition showed that SA Golf of Pearl Valley DMCC, which is controlled by Razon’s Crescentspring Holdings Inc., will take over Pearl Valley Investments Ltd., PV Hotel Development Ltd. (PV Hotel) and Pearl Valley Hotel Ltd.
PV Hotel currently has 80 bedrooms that may be rented out by visitors of Pearl Valley Estate, including golf players. It also plans to develop a 32-room hotel on undeveloped land within the property, the notice showed.
Pearl Valley first announced Razon’s entry in December via its Facebook page.
“We’re excited to announce that Pearl Valley Golf has officially entered a new era of growth and opportunity under the ownership of Mr. Enrique Razon Jr.,” Pearl Valley said.
“His commitment to enhancing Pearl Valley’s legacy ensures a bright future for our club and its members,” it added, calling Razon “a highly respected global entrepreneur.”
The billionaire has already established his presence in the world’s second-largest continent via port operator International Container Terminal Services Inc. (ICTSI). The company controls ICTSI Africa Headquarters (Pty) Ltd.
In July 2023, ICTSI bagged a 25-year contract to operate and develop Durban Container Terminal Pier 2 in the Port of Durban.
But in November last year, Maersk Group, one of the losing bidders, filed a legal petition seeking the disqualification of ICTSI, saying that the Razon-led firm had allegedly failed to meet solvency requirement.
This resulted in the High Court of Africa issuing a prohibition against the selection of ICTSI. Razon countered, however, that they had outbid Maersk by $100 million.
Apart from ports, Razon also has interests in gaming via Bloomberry Resorts Corp., which operates Solaire Resorts and Casino.
