Trump buying Doral Hotel & Country Club for $150M

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NEW YORK (AP) -- Donald Trump is buying the Doral Hotel & Country Club, home of the Blue Monster golf course, for $150 million.

The Trump Organization says that it plans to make a major investment to renovate the Miami property. The Doral will be fully operational during renovations, which should finish in the fall of 2013.

The Trump Organization is buying Doral from Paulson & Winthrop Realty. The Doral has been in bankruptcy for about a year.

The Blue Monster, which has hosted numerous PGA Tour events, has served as the home of the World Golf Championship since 2007. Golf course architect Gil Hanse will help with the Blue Monster's renovations.

The Doral includes 700 hotel rooms, four golf courses, a spa, restaurants, a clubhouse, ballroom, meeting and retail space.