Doral Golf Resort & Spa in Miami Is Put Up for Sale Following Bankruptcy
Doral Golf Resort & Spa Put Up for Sale Following Bankruptcy
Scott Halleran/Getty Images
A general view of the 18th hole during the final round of the 2011 WGC- Cadillac Championship at the TPC Blue Monster at the Doral Golf Resort and Spa on in Doral, Florida.
A general view of the 18th hole during the final round of the 2011 WGC- Cadillac Championship at the TPC Blue Monster at the Doral Golf Resort and Spa on in Doral, Florida. Photographer: Scott Halleran/Getty Images
The Doral Golf Resort & Spa in Miami is being put up for sale after filing for bankruptcy this year with other resorts.
The owner of the resorts decided to pursue a sale of the Doral to reduce debt and help the business complete its restructuring, according to a filing yesterday with the U.S. Bankruptcy Court in Manhattan.
A group of investors including hedge fund Paulson & Co. took control of eight resort properties through foreclosure this year. Five of the properties, including the Doral and the Grand Wailea resort in Hawaii, then filed for bankruptcy.
The Doral sale could take a few months to complete, according to the filing. The owners will seek to hold on to one of five golf courses at the Doral, the White Course, according to the filing.
Doral has hosted a U.S. PGA Tour event on its Dick Wilson- designed Blue Monster course every year since 1962. The course was redesigned in 1996 by Raymond Floyd and became the permanent home to a World Golf Championship event in 2007.
In March, Nick Watney captured the WGC-Cadillac Championship at the course, defeating Dustin Johnson by two shots. Tiger Woods, the winner of 14 major tournaments, has won three times at Doral, including a head-to-head final round battle with Phil Mickelson in 2005.
The case is In re MSR Resort Golf Course LLC, 11-10372, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
To contact the reporter on this story: David McLaughlin in New York at dmclaughlin9@bloomberg.net.
To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net.
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