PALM SPRINGS, Calif. — Arnold Palmer, who won five of his 62 PGA Tour titles at the Bob Hope Chrysler Classic, will host the 50th anniversary of the 90-hole event next January.

"I enjoyed some of my greatest success in the Hope in the early years and have loved the Palm Springs area ever since I first went there," Palmer said in a statement issued Friday. "I consider it a great honor to follow in the footsteps of Bob Hope as host of this wonderful tournament, which has been a mainstay on the PGA Tour for so many years."

Palmer's 62 wins rank him fifth on the all-time PGA list. He played in 42 Hope Classics, won the inaugural event in 1960 and his final victory also came in this tournament 35 years ago.