The U.S. General Services Administration [2] selected Trump Organization, headed by Donald Trump, to redevelop the historic Old Post Office building in Washington, D.C. Trump plans to spend close to $200 million to turn the structure into a 250-room luxury hotel with a restaurant, spa and conference facilities.
A Trump executive said that the project has appeal because there hasn’t been a new luxury hotel built in the city in years, and there is a lack of prime locations as well as a high cost of land for development.
In a related event, House lawmakers recently approved the Civilian Property Realignment Act [3],a measure that would make it easier for the federal government to sell underused or excess federal property to cut costs.
Links:
[1] http://www.bdcnetwork.com/author/drew-ballensky
[2] http://www.gsa.gov/portal/content/123671
[3] http://thomas.loc.gov/cgi-bin/bdquery/z?d112:HR1734:/
[4] http://www.bloomberg.com/news/2012-02-08/trump-organization-to-spend-200-million-on-its-first-hotel-in-washington.html