Trump Agrees to Pay $170 Million for Doral Golf Resort

Oct. 12 (www.hospitalitybusinessnews.com) – According to Bloomberg, Donald Trump has agreed to pay $170 million for Miami’s Doral Golf Resort & Spa, a luxury property put into bankruptcy earlier this year by hedge fund Paulson & Co. and Winthrop Realty Trust.

Winthrop Chief Executive Officer, Michael Ashner told Bloomberg that “the transaction probably will be completed in the first quarter of next year.”

“They pushed hard to get the deal done” said Ashner

The agreement is expected to be filed in bankruptcy court next week.

Earlier this year the debt of five hotels was auctioned off ( see article). The other properties were the Grand Wailea in Maui; the Arizona Biltmore in Phoenix and the Ritz-Carlton and JW Marriott at Grande Lakes in Orlando.

 “This wasn’t a discount price,” Trump said in a telephone interview. “We’re paying a very full price, especially in light of the fact of how much money we’ll have to spend to bring it back to its original grandeur.”