TROON GOLF APPOINTED TO MANAGE PEARL VALLEY SIGNATURE GOLF ESTATE & SPA

Posted on July 13, 2007

Marks the First Troon Golf-Managed Facility in South Africa

Scottsdale, Ariz. - Troon Golf,® the leader in upscale golf course management, development and marketing is pleased to announce that it has been selected to manage Pearl Valley Signature Golf Estate & Spa. Located amidst the rugged beauty of the Western Cape, Pearl Valley marks the first Troon Golf facility in South Africa.

Pearl Valley's Jack Nicklaus Signature Golf Course is ranked number six on Golf Digest's list of "South Africa's 100 Greatest Courses" and will soon host The South African Open for the first time. Known as the second oldest national Open in golf, the tournament will welcome Ernie Els in December 2007 when he attempts to defend his title.

The 18-hole Jack Nicklaus Signature Golf Course lies at the base of the Drakenstein Mountains and is just one of the many amenities that serve the 500-home gated community, located in the heart of Cape wine country. With an additional 18 holes that will soon be developed, the private community features a luxurious clubhouse overlooking the finishing hole. Known as the social hub at Pearl Valley, the clubhouse provides a pleasant and relaxing venue for interacting with fellow golfers and residents. The world-class Pearl Valley Spa presents the ultimate in pampering, while outdoor activities include squash, tennis, water sports, and tours of the surrounding wine country.

Pearl Valley was recently acquired by Leisurecorp, a subsidiary of Istithmar PJSC, which is looking to expand the community's facilities to include additional outdoor activities, further residences and the addition of one or more luxury resort hotels.

"We are excited to announce Troon Golf's first management contract in South Africa and believe Pearl Valley to be one of the world's best golf communities," stated Bruce Glasco, Senior Vice President & Managing Director of Europe, Middle East & Africa, Troon Golf. "Leisurecorp clearly has ambitions to grow its golf operations around the world and we look forward to playing a key role in their expansion."

The course sits on rich soil that was first cultivated more than 300 years ago when exiles settled in the area from France, bringing with them knowledge of farming and wine-making. The vineyards that were planted centuries ago are still thriving and now border the course, which uses its natural surroundings and uninterrupted terrain to create a challenging golf experience for golfers of any skill level.

"Pearl Valley is a world-class golf course, deserving of the world-class management skills for which Troon Golf is known," stated David Spencer, Chief Executive, Leisurecorp. "As Leisurecorp aims to acquire a distinguished and diversified portfolio of properties, we foresee a long and beneficial relationship with Troon Golf."

Headquartered in Scottsdale, Ariz., Troon Golf is the world's largest golf management company, overseeing operations at more than 185 courses located in 31 states and 23 countries. Additionally, 38 Troon Golf facilities enjoy a Top 100 ranking by national or international publications. Troon Golf properties include Sandpines Golf Links, Florence, Ore.; The Westin Turnberry Resort, Ayrshire, Scotland; Troon North Golf Club, Scottsdale, Ariz.; Monte Rei Golf & Country Club, Algarve, Portugal; Abu Dhabi Golf Club, Abu Dhabi, UAE; and The Grove, London, England.Scottsdale, Ariz. - Troon Golf,® the leader in upscale golf course management, development and marketing is pleased to announce that it has been selected to manage Pearl Valley Signature Golf Estate & Spa. Located amidst the rugged beauty of the Western Cape, Pearl Valley marks the first Troon Golf facility in South Africa.

Pearl Valley's Jack Nicklaus Signature Golf Course is ranked number six on Golf Digest's list of "South Africa's 100 Greatest Courses" and will soon host The South African Open for the first time. Known as the second oldest national Open in golf, the tournament will welcome Ernie Els in December 2007 when he attempts to defend his title.

The 18-hole Jack Nicklaus Signature Golf Course lies at the base of the Drakenstein Mountains and is just one of the many amenities that serve the 500-home gated community, located in the heart of Cape wine country. With an additional 18 holes that will soon be developed, the private community features a luxurious clubhouse overlooking the finishing hole. Known as the social hub at Pearl Valley, the clubhouse provides a pleasant and relaxing venue for interacting with fellow golfers and residents. The world-class Pearl Valley Spa presents the ultimate in pampering, while outdoor activities include squash, tennis, water sports, and tours of the surrounding wine country.

Pearl Valley was recently acquired by Leisurecorp, a subsidiary of Istithmar PJSC, which is looking to expand the community's facilities to include additional outdoor activities, further residences and the addition of one or more luxury resort hotels.

"We are excited to announce Troon Golf's first management contract in South Africa and believe Pearl Valley to be one of the world's best golf communities," stated Bruce Glasco, Senior Vice President & Managing Director of Europe, Middle East & Africa, Troon Golf. "Leisurecorp clearly has ambitions to grow its golf operations around the world and we look forward to playing a key role in their expansion."

The course sits on rich soil that was first cultivated more than 300 years ago when exiles settled in the area from France, bringing with them knowledge of farming and wine-making. The vineyards that were planted centuries ago are still thriving and now border the course, which uses its natural surroundings and uninterrupted terrain to create a challenging golf experience for golfers of any skill level.

"Pearl Valley is a world-class golf course, deserving of the world-class management skills for which Troon Golf is known," stated David Spencer, Chief Executive, Leisurecorp. "As Leisurecorp aims to acquire a distinguished and diversified portfolio of properties, we foresee a long and beneficial relationship with Troon Golf."

Headquartered in Scottsdale, Ariz., Troon Golf is the world's largest golf management company, overseeing operations at more than 185 courses located in 31 states and 23 countries. Additionally, 38 Troon Golf facilities enjoy a Top 100 ranking by national or international publications. Troon Golf properties include Sandpines Golf Links, Florence, Ore.; The Westin Turnberry Resort, Ayrshire, Scotland; Troon North Golf Club, Scottsdale, Ariz.; Monte Rei Golf & Country Club, Algarve, Portugal; Abu Dhabi Golf Club, Abu Dhabi, UAE; and The Grove, London, England.
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