Donald Trump's bid to buy the Doral Resort & Spa out of bankruptcy for $150 million was approved on Monday, the Trump Organization announced.
The 800-acre resort complex -- which is set to host the 2012 edition of the WGC-Cadillac Championship next week -- includes four golf courses; 700 hotel rooms across 10 lodges; 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.
The Trump Organization plans to spend another $150 million to renovate the facilities "with the intention of restoring Doral to its former grandeur" during an 18-month refurbishment, Trump officials said in a statement. The property will stay open throughout the renovation, which is expected to conclude in the fall of 2013.
"When Doral first opened, it was considered the best resort in the world," said Donald Trump. "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."
Doral's famed Blue Monster has been home to a PGA Tour event every year since it opened in 1962.
Trump has hired course designer Gil Hanse to lead the renovation of the four courses. A fifth layout, the Greg Norman-designed Great White Course, will be used for a future real estate development, according to The Miami Herald.
Doral has been in bankruptcy since early 2011, when the Paulson & Co. hedge fund sought Chapter 11 protection for the property. Paulson had bought Doral as part of a chain of resorts that another real estate fund had acquired at the peak of the housing market.
A bankruptcy judge's ruling last week that cleared the way for a settlement with property manager Marriott over an early-termination fee, all but assuring that Trump would land the property, said the Herald. As part of the bankruptcy process, other buyers had until Monday to try to outbid Trump, but none came forth with viable offers.
Experts on the business and game of golf. The best coaching tips and latest golf news delivered straight to you. Sign Up to get the latest.