NEW YORK -- Donald Trump is buying the Doral Hotel & Country Club, home of the Blue Monster golf course and host to numerous professional tournaments over the years, for $150 million.
The Trump Organization said it is buying Doral, which has been in bankruptcy for about a year, from Paulson & Winthrop Realty.
The Trump Organization said on Monday that it plans to make a major investment to renovate the Miami property and its golf courses. The Doral will be fully operational during renovations, which should finish in the fall of 2013.
"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," Trump said in a statement. He serves as chairman and president of The Trump Organization.
The Blue Monster had been the site of the Doral Open from 1962 to 2006 and has served as home to the World Golf Championship since 2007. Golf course architect Gil Hanse will help with the Blue Monster's renovations.
The Trump Organization's hotel management unit, Trump Hotel Collection, is expected to take over Doral's management by June.
The Doral includes 700 hotel rooms, four golf courses, a spa, restaurants, a clubhouse, ballrooms, meeting and retail space.