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The Corales Punta Cana Resort and Club Championship is getting an upgrade.

In only its second year as a Tour event, the tournament in Punta Cana, Dominican Republic will become an official PGA Tour event beginning next season.

The PGA Tour announced Tuesday that the tournament will be held March 21-25, 2018, opposite the 64-man WGC-Dell Technologies Match Play. Consistent with other opposite-field events, it will offer 300 FedEx Cup points to the winner along with a two-year exemption. It will mark the first-ever official PGA Tour event in the Dominican Republic.

The tournament purse will also undergo a significant upgrade. When it is played May 4-7 in its last iteration as a event, the tournament will boast a $625,000 purse with the winner's check barely cracking six figures. Once promoted to PGA Tour status a few months later, the tournament is expected to offer a purse of "at least" $3 million.

The tournament is played on the Tom Fazio-designed Corales Golf Club, which opened in 2010 and features six oceanside holes. Dominic Bozzelli won the inaugural event last year by four shots with a score of 24-under 264.

It remains to be seen how the announcement will impact the fate of the Puerto Rico Open, which has been played opposite the WGC Match Play each of the past two seasons but was played opposite the WGC-Mexico Championship in prior years. This season there was no opposite-field event the week of the WGC-Mexico Championship.

A PGA Tour official told that the Tour will have "some additional information forthcoming" regarding the Puerto Rico event's spot on the schedule. The Tour is expected to announce its full schedule for the 2017-18 season later this summer.