The Trump Organization has bid to pay US$170 million for the Doral Golf Resort & Spa, a luxury resort property in Miami.
Winthrop Realty Trust and Paulson & Co. entered Doral into bankruptcy earlier this year. The property will still be put up for auction to see if better offers are available, as Trump’s offer is not peak price. However, Winthrop indicated on Wednesday that the transaction with Trump will probably be completed in the first quarter of next year.
“They [Trump] pushed hard to get the deal done,” said Michael Ashner, Winthrop CEO in an interview with Bloomberg.
Ivanka Trump, the daughter of Donald Trump, had a lead role in the negotiations according to a report from The Wall Street Journal.
The purchase is part of a strategy shift by Trump toward acquiring U.S. real estate again. This summer Trump entered a proposal to convert a historic Washington, D.C. building into a 300-room luxury hotel. The offer remains under consideration by the General Services Administration, a federal agency administering the building’s sale.