Trump Hotel Collection will develop a new luxury hotel in Washington, D.C., at the city's Old Post Office Building. Trump will team with private equity investor group Colony Capital to finance the project after winning approval from the U.S. General Services Administration.
“We are delighted to team with The Trump Organization to redevelop this historic American landmark while preserving its grandeur and elegance,” said Thomas J. Barrack Jr., chairman and CEO of Colony Capital, in a release. “As long-term investors in hospitality, we share the GSA’s vision for transforming this iconic property into one of the finest destination hotels in the country. We look forward to working with the Trump Organization and GSA to make the redevelopment a reality.”
Bloomberg reports that the proposal calls for a 250-room hotel with spa, restaurant and meeting space. “A new luxury hotel hasn’t been introduced to D.C. in years, and there is no current pipeline of luxury hotel product given the lack of great available locations and the high cost of land and development,” Ivanka Trump, who oversaw the hotel proposal, told Bloomberg in a telephone interview.
The Wall Street Journal reports that work on the building likely won't begin until 2014, and that Trump and Colony plan to sink $200 million into the redevelopment project.
Read Bloomberg's full story here and the Wall Street Journal's story here.