Real estate giant Donald Trump announced this week that he’s buying the Doral Golf Resort and Spa in the Miami area for $170 million according to a Miami Herald article. The hedge fund Paulson & Co. and Winthrop Realty Trust foreclosed on the resort in January of this year, putting them into Chapter 11 bankruptcy by February. Next week there will still be an auction for the resort, but so far there aren't any other bidders for the property according to Winthrop CEO Michael Ashner.
Built in 1962, the property sits on 650 acres with a pool complex, water slide, and five golf courses. Best known for hosting an annual pro golf tournament, the Marriott-managed hotel is also a popular destination for large groups, meetings, and local events. "We thought that this would fit our portfolio and it would be our wish to bring it back to its original grandeur," Trump said in an interview. "I think we are better-equipped to bring it back to the highest levels of golf."
"It was a pleasure dealing with [the Trumps]. They stepped up and met their commitments in a very professional fashion," said Ashner in a Wall Street Journal article referring to the Trumps's ability to quickly present and sign an offer.
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