Trump Acquired John Paulson Doral Golf Resort & Spa in Miami for $150 Million

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Trump Acquired John Paulson Doral Golf Resort & Spa in Miami for $150 Million

Doral Golf Resort & Spa in Miami

The resort’s previous owners, hedge fund Paulson & Co. and realty company Winthrop Realty Trust, filed for Chapter 11 and bankruptcy protection last year to try and save it.

John Paulson

Trump brought  Doral Golf Resort & Spa at auction held in the resort hedge-fund tycoon John Paulson and other investors, which seized control from a Morgan Stanley fund.

Trump paid $150 million for the posh 800-acre resort in the center of Miami, including a 700-room hotel, retail outlets and four golf courses favored on the PGA tournament circuit for decades.

Real-estate listings show a rare, empty acre in the center of Miami could fetch in excess of $2 million. That would value the Doral grounds alone in excess of $1.6 billion.

Trump expects to pump another $150 million of Trump Organization cash into renovating and upgrading the resort from top to bottom by next year.

The famed Cadillac World Golf Championship tournament will open March 7 at the resort’s Blue Monster, the largest of the four courses.

The hotel has four golf courses: the Blue Monster, the nine-hole Red, the new Jim McLean Signature Course, and the Par-3 course.

Last week, Trump signed a new pact with the PGA to keep the world championship tournament at the resort for another five years. Trump also said he will lengthen the Blue Monster to 7,600 yards from 7,125 yards.

“Doral needs some help,” Trump said. “We’re going restore it to the highest levels of luxury,” he said. “I’ve proved many times over how to do it right.”

 

Read more: http://www.nypost.com/p/news/business/trump_chips_in_for_doral_golf_resort_HgfI7ixlwXtZuM5SxcKb3N#ixzz1nxWh78tD

Images: http://www.businessinsider.com/donald-trump-buys-doral-golf-resort-for-170-million-out-of-foreclosure-2011-10?op=1

2015-06-29T03:01:58+00:00

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