Trump Organization to Purchase Miami's Doral Resort for $150 Million

Trump Organization to Purchase Miami's Doral Resort for $150 Million

Vacation News » North America Vacation News Edition | By Scott Kauffman | February 28, 2012 8:30 AM ET

(MIAMI, FL) -- The Trump Organization announced Feb. 27 that it will purchase Miami's famed Doral Hotel & Country Club for $150 million. Doral is known 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 Jim McLean 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," said 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 has been home to a PGA Tour event every year since its opening. The resort played host to the Doral Open from 1962 to 2006, then shifted to the highly regarded World Golf Championship since 2007, hosting the liked of past winners 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.

"We realize the potential and are uniquely positioned to redevelop and operate Doral based on the breadth of our organization," said Ivanka Trump, executive vice president of development and acquisitions, who is overseeing the purchase, redevelopment and repositioning along with her father.

The Trump Hotel Collection operates seven luxury hotel properties across the globe. The Trump Organization also owns and manages 10 golf courses of the highest caliber throughout North America, Europe and the Caribbean.

"Our ability to create value through the development process combined with the strength of our brand and our unsurpassed hotel and golf management capabilities make us the ideal owner of this iconic asset," Ivanka Trump continued.

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