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MSR wins approval of $150M sale

by Roger Dent  |  Published March 5, 2012 at 3:30 PM
MSR-wins-approval-of-$150M-sale.jpgAn affiliate of Donald Trump's Trump Organization LLC is set to take over the Doral Golf Resort & Spa in Miami.

Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York in Manhattan approved the sale of MSR Resort Golf Course LLC's property on March 2.

The Trump affiliate, Trump Endeavor 12 LLC, will pay $150 million for the resort. Trump was set to be the stalking-horse bidder for a Feb. 27 auction, but no other bids were received.

According to a statement from Trump, the Trump Organization plans to make a major investment in the resort and golf courses with the intention of restoring Doral to its former grandeur. Trump expects to assume operation of the resort by June and renovations are expected to be completed in the fall of 2013. The resort will operate through the multimillion-dollar renovations.

The Doral Golf Resort & Spa, which opened in 1962, has 692 rooms and suites, as well as five championship golf courses. It hosts an annual PGA tour event, court papers said.

MSR and 29 affiliates filed Chapter 11 petitions on Feb. 1, 2011, due to the impending of about $1.5 billion in debt.
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Tags: auction | Donald Trump | Doral Golf Resort & Spa | Judge Sean H. Lane | MSR Resort Golf Course LLC | stalking-horse bidder | Trump Endeavor 12 LLC | Trump Organization LLC | U.S. Bankruptcy Court for the Southern District of New York in Manhattan

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