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Trump to Buy Doral
Donald Trump has agreed to buy Doral Golf Resort and Spa in Florida for a reported $150 million. The New York developer's company, The Trump Organization, also plans to spend an additional $150 million in renovations to the iconic resort near Miami.
Doral has been in bankruptcy for about a year; Trump is acquiring the property from Paulson & Winthrop Realty. The deal is expected to be finalized in June, at which time Trump's hotel management unit, Trump Hotel Collection, will take over the operations. The facility will remain open during the renovation work, which will start later this year and be completed in fall 2013.
"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," Trump said in a statement.
The facility contains the TPC Blue Monster course, which hosted the Doral Open from 1962 to 2006; in 2007, the event became the WGC-Cadillac Championship. The 2012 version of the tournament will take place March 8-11, and Trump is expected to attend.
Golf course architect Gil Hanse will oversee the renovations to the Blue Monster, one of five courses on the property. The others are the Great White, Gold, Red and McLean courses, with the latter undergoing a complete redesign in 2009 by golf instructor Jim McLean, who runs a golf school at the resort.
Trump's acquisition also includes 700 hotel rooms, a spa, restaurants, a clubhouse, ballrooms, meeting and retail space.
The Trump Organization currently has 10 courses in its portfolio, with the newest being the Trump International Golf Links in Aberdeen, Scotland. All of the company's facilities bear Trump in their names; it's uncertain whether Doral will be similarly appended.