Doral resort gets $170M bid

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The Doral Golf Resort has received an initial bid of $170 million,
according to U.S. Bankruptcy Court records. The bid would be part of a
potential bankruptcy auction, which has not yet been approved by the
court. “The premium for the Doral evidences the market’s recognition of
the one-of-a-kind nature of the debtors’ iconic and irreplaceable
assets, especially here in chapter 11,” debtor MSR Resort said in its
filing. MSR, which owns five hotels, said it received a letter of intent
from an undisclosed bidder. [SFBJ]

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