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Doral Resort Now In Bankruptcy

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Doral Golf Resort & Spa

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DORAL (CBS4) – The Doral Golf Resort & Spa, home of the famed Blue Monster course, joined a long list of properties in Florida that are now in bankruptcy.

Tuesday’s bankruptcy filing included four other hotels across the United States after the group CNL-AB took possession of the properties from Morgan Stanley last week. The properties were seized during a foreclosure auction.

According to the South Florida Business Journal, the debt on the Doral Golf Resort and the four other hotels stands at $967.2 million. The Doral portion of the debt is roughly $98.5 million, the Journal reported.

The Doral Golf Resort & Spa was built in the early 1960’s and has nearly 700 rooms on the premises. It’s also the host of an annual PGA Tour event, now named the Cadillac Championship.

The other hotels included in the bankruptcy filing are: the Claremont Hotel Club & Spa and the La Quinta Resort & Club in Southern California; the Grand Wailea Resorts Hotel & Spa in Maui; and the Arizona Biltmore.

(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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