The Trump Organization has completed its purchase of the Doral golf resort and spa for $150 million, the company announced Monday.
Trump purchased the resort from hedge fund Paulson & Co. and Winthrop Realty Trust after Doral was among five resorts placed in Chapter 11 bankruptcy protection in February 2011. In October 2011, Trump submitted a bid for the resort valued at $170 million. Morgan Stanley subsidiary CNL Hotels & Resorts Inc. previously owned the resort, purchasing it for $501 million in 2007.
Trump acquires four of the resort’s five golf courses. The Greg Norman-designed Great White course is not a part of the acquisition. Trump has hired designer Gil Hanse to complete a restoration of the TPC Blue Monster course, which hosts next week’s WGC-Cadillac Championship.
Trump plans to make a multimillion-dollar investment over approximately two years into the 650-acre resort, previously reported to be near $150 million. Celebrating its 50th anniversary in 2012, the resort is already nearing completion of a renovation at a cost of $16 million.
“When Doral first opened, it was considered the best resort in the world,” Donald Trump said in a release. “The combination of the property’s incredible location in the heart of Miami and our very significant investment in upgrading the resort will enable us to return Doral to its former glory if not surpass it. When completed, Doral will be the finest resort and golf club in the country.”