Trump purchases Doral Resort for $150 million

Donald Trump's $150 million bid for the property has been approved, ending months of speculation over whether the billionaire real estate developer's offer would prove to be enough to land the property. Trump plans to overhaul the resort, which is home to the Blue Monster and the WGC-Cadillac Championship. Here's an excerpt from Trump's announcement on Monday:


The Trump Organization today announced that it will purchase Miami's iconic Doral Hotel & Country Club for $150 million. Doral is legendary for its four championship golf courses, including the world-renowned Blue Monster; 700-room resort; vast ballrooms and meeting facilities; sprawling Pritikin spa; and the highly regarded Golf School and teaching facilities. The Trump Organization plans to make a major investment in the resort and golf courses with the intention of restoring Doral to its former grandeur. The TRUMP HOTEL COLLECTION™, the wholly owned hotel management division of The Trump Organization, will take over the management of the property and expects to assume operations by June 2012. The property will remain fully operational throughout the renovation, which is expected to conclude in Fall 2013.


"When Doral first opened, it was considered the best resort in the world," stated Donald J. Trump, chairman and president. "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."


The Blue Monster, one of the most famous golf courses in the world, has been home to a PGA TOUR event every year since its opening, with the Doral Open from 1962 to 2006, and the highly regarded WGC (World Golf Championship) since 2007. The WGC invites only the world's top 75 tour professionals; past winners include Tiger Woods, Phil Mickelson and Ernie Els.


The almost 800-acre Doral Country Club includes 700 hotel rooms across 10 lodges; four golf courses; more than 86,000 square feet of meeting space, including a 25,000-square-foot Ballroom; a 50,000-square-foot spa with 33 treatment rooms; six food and beverage outlets; extensive retail; and a private members' clubhouse.


"It would be impossible for a developer today to replicate a property of this size in Miami at any cost," noted Trump.