By Georgiana Mihaila, Associate Editor
Donald Trump is eying several golf deals in Florida, with plans to start with the purchase of the Doral Golf Resort & Spa; Trump has confirmed that his company will pay $170 million for the luxury property and that the deal will most likely be finalized in the first quarter of 2012. An auction for the Doral Resort will still be held in order to seek better offers, but Trump currently does not have any competition.
Florida’s Doral Golf Resort was foreclosed on earlier this year by hedge fund Paulson & Co. and Winthrop Realty Trust, along with the Grand Wailea Resort in Hawaii, the Arizona Biltmore in Phoenix, the Claremont Hotel & Spa in Berkeley, Calif., and the La Quinta Resort & Club at PGA West golf course. The 650-acre property, formerly owned by Morgan Stanley’s CNL Hotels & Resorts Inc., was built in 1962; it features a pool, water slide and five golf courses—the Great White was the sole course not included in the deal. The Doral Golf Resort is well-known for hosting an annual golf tournament, but the Marriott is also hosting many local events and meetings.
Trump is planning extensive renovations, aiming at bringing the resort back to its original grandeur; according to Bloomberg News Service, the developer plans on investing up to $150 million on upgrades. Trump, frequently associated with his Atlantic City casinos, denied the fact that this recent purchase was in any way related to the recent push to legalize gambling in several South Florida locations.
Image Courtesy of Andreas Sandberg via Wikipedia