Donald Trump and his daughter, Ivanka Trump, unveiled plans to open a hotel in the historic Old Post Office Pavilion in Washington, D.C. during a press conference, according to USA Today. The project is projected to cost $200 million and will turn the historic building into a luxury hotel containing 270 rooms and presidential suites.
The hotel will be located on Pennsylvania Avenue between the U.S. Capital building and the White House. Construction is set to begin in spring 2014 and a projected completion date of late 2015.
Downtown D.C. has a shortage of hotels even though there are many museums, historic landmarks, federal buildings and offices that draw both business and leisure travelers, Mayor Vincent Gray said.
The Trump hotel will help "us to define what the hotel industry, what the hospitality industry will be on this side of Pennsylvania Avenue."
The Post Office was built in 1899 and has been the source of disagreement among politicians and activists. There have been attempts to demolish the building, though it currently contains some shop and restaurants.
"They have put to rest the saga of the Old Post Office Pavilion," Del. Eleanor Holmes Norton, (D-D.C.) said. She has spent 15 years trying to get the property redeveloped.
Trump is leasing the property from the federal government for 60 years with the possibility of extending the lease for two 20-year extensions at a monthly cost of $250,000.
"There will be nothing like what we are building here," Trump said. "The Rooms will be incredible.
"The views will be amazing," he continued. "I think the ballroom will be one of the greatest ballrooms in the country."
In addition to the luxury, the presidential suites will be complete with bulletproof glass.
Trump chose the D.C. market because he thinks it's a strong one with a high demand for hotels. He also was interested in the property for its historic value.
"The building is something you can never recreate," Trump said in an interview after the press conference.
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