Trump pays $150m for Doral golf resort

Tue, 28 Feb 16:11:00 2012

Real estate mogul Donald Trump is adding the so-called Blue Monster, South Florida's most famous golf course, to his global stable of hotels and golf resorts.

Phil Mickelson of the U.S. walks on the 18th hole during fourth round play of the CA Championship at Doral Golf Resort in Miami, Florida - 0

Trump announced the deal on Monday, saying he was paying $150 million (94.6m) for the 50-year-old Doral Hotel and Country Club, a 700-room resort on the northwest outskirts of Miami with four championship golf courses, including the Blue Monster.

The course, which has been home to a US PGA Tour event every year since its opening, will host the Cadillac World Golf Championship next week.

In addition to the purchase price for the Doral Country Club, which covers almost 800 acres, Trump said he plans a "multimillion-dollar renovation" of the resort, which will include enhancements of the Blue Monster under golf course architect Gil Hanse.

"When Doral first opened, it was considered the best resort in the world," Trump said in a statement.

"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," he said.

When Trump first emerged as a potential buyer of the resort, Florida's legislature was preparing to debate a bill that would have ushered in the largest gambling expansion in state history, with three mega-resort casinos in the Miami and Fort Lauderdale area.

Faced with probable defeat, the bill was withdrawn from consideration earlier this month. But it is widely expected to be revisited soon, and Trump could wind up owning a prized location as a casino operator.

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

Reuters

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