The Trump Organization, New York City, announced on Monday that it bought the 692-room Doral Hotel & Country Club, located in Miami for US$150 million.
Winthrop Realty Trust and Paulson & Co. entered Doral into bankruptcy earlier this year. Trump plans to switch the golf resort’s management from Marriott International to the Trump Hotel Organization, expecting to assume operations by June 2012. Trump is planning to invest an additional US$150 million renovating the property over the next year and a half while it remains operational.
“When Doral first opened, it was considered the best resort in the world,” said Donald Trump, chairman and president of the Trump Organization. “Our very significant investment in upgrading the resort will enable us to return Doral to its former glory.”
Trump has hired Gil Hanse to renovate the resort’s golf course, the Blue Monster.
The purchase is part of a strategy shift by Trump toward acquiring U.S. real estate again. Trump has teamed up with Colony Capital, Los Angeles, to invest US$200 million in acquiring and renovating the historic Old Post Office and Clock Tower in Washington, D.C. into a 250-room Trump International Hotel.