How much did Donald Trump pay for Doral?
How much did Donald Trump pay for Doral?
By Indra Gunawan January 07, 2024 00:47
Donald Trump, the businessman and former President of the United States, made a significant investment in the Doral Golf Resort and Spa, now known as Trump National Doral Miami. This article explores the details of the purchase and the subsequent developments at the property.
The Acquisition of Doral
In 2012, Donald Trump acquired the Doral Hotel and Country Club, a 700-room resort located on the outskirts of Miami, Florida. The purchase price for the Doral Country Club, which covers almost 800 acres, was $150 million. The resort included four championship golf courses, including the renowned Blue Monster golf course, and had been hosting a PGA Tour event every year since its opening.
Plans for Renovation and Redevelopment
Upon acquiring the Doral resort, Trump announced plans for a multimillion-dollar renovation to enhance the property. The renovation would focus on upgrading the Blue Monster golf course, with renowned golf course architect Gil Hanse leading the project. Trump expressed his intention to restore Doral to its former glory and make it the finest resort and golf club in the country.
The Value of Doral
The value of the Doral resort has been a subject of interest, especially in recent years. Trump's experts, Frederick Chin and Greg Christovich, submitted rebuttals to the attorney general's expert's valuations, claiming that the attorney general's expert, Larry Hirsh, ignored the Trump Doral property in his assessment. They highlighted a presentation by Newmark in 2022 that valued the property at $1.3 billion. This valuation emphasized the unparalleled redevelopment opportunities that the Trump National Doral Miami resort offers in South Florida's booming real estate market.
Adam Hochfelder's Bid
In mid-June, a previously unreported bid came from controversial investor Adam Hochfelder's New York-based Turks Capital Partners to acquire the Doral property for $1.5 billion. Hochfelder's offer was contingent on securing zoning for 4K residential units. Acquiring the Trump Doral resort would have been a significant achievement for Hochfelder or any developer, considering the property's prestige and potential for redevelopment.
Donald Trump paid $150 million to acquire the Doral Hotel and Country Club in 2012. Since then, he has made plans for a multimillion-dollar renovation to enhance the resort, with a focus on upgrading the Blue Monster golf course. The value of the property has been estimated at $1.3 billion, according to a presentation by Newmark. Additionally, a previously unreported bid from Adam Hochfelder's Turks Capital Partners offered $1.5 billion for the Doral property. The acquisition of Doral and its subsequent developments highlight the significance of the property in Trump's real estate portfolio.
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