The Trump Organization and the U.S. federal government have negotiated a 60-year lease agreement under which Trump will develop and operate a luxury hotel at the Old Post Office Pavilion in Washington.
Trump's plans call for 260 guestrooms, restaurants, a spa and conference facilities. A 2016 opening is targeted. Historical features will be "preserved and enhanced."
The U.S. General Services Administration and Trump have been negotiating for more than a year on terms and conditions of the redevelopment. In February 2012, the GSA concluded a bidding process by selecting Trump for the redevelopment.
Under the agreement, $200 million of private-sector funds will be invested in the hotel, which will be called Trump International Hotel, The Old Post Office, Washington D.C. The pending agreement now moves to Congress for a review period of 30 in-session days.
The building is currently being used as federal office space. The GSA said it is relocating tenants, including the Advisory Council on Historic Preservation, the National Endowment for the Arts and the National Endowment for the Humanities.
Under the agreement, the building's clock tower will continue to be open to the public and will continue to be managed by the National Park Service, the GSA said.