MIAMI, Feb. 28 (UPI) — Developer Donald Trump said his company would purchase the Doral golf resort in Miami out of bankruptcy for $150 million.
The purchase will include the 692-room hotel that will be the largest in Trump’s impressive portfolio of properties, The Miami Herald reported Tuesday.
Trump said he would put an additional $150 million into property renovations.
“When Doral first opened, it was considered the best resort in the world. 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’s company said in a statement.
The purchase includes the hotel and four golf courses. The fifth course connected to the property designed by golfer Greg Norman will be kept by the Paulson & Co. hedge fund that currently owns the Doral.
The Doral is annual a stop on the professional golf tour, hosting the Cadillac World Golf Championship which takes place next week.
Trump is expected to attend this year, the Herald said.