Donald Trump has struck a deal to turn the historic Old Post Office building in Washington, D.C. into a new luxury hotel just blocks from the White House, CNN reports
The deal was sealed between the real estate and entertainment billionaire and the General Services Administration on Wednesday. It calls for Trump to redevelop the old building on Pennsylvania Avenue, which is now used as government office space, into a fancy hotel complex, complete with restaurants, conference facilities, and a spa. The agreement allows him to lease the property for 60 years.
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The challenge for Trump, the GSA said in a statement, would be to preserve and enhance the 114-year-old building's historic features. The cost of the project is expected to run about $200 million.
"It is a great honor and privilege to be given the responsibility of transforming one of our country's most important landmarks into what will be one of the great hotels of the world," Trump said in a statement.
The agreement is still subject to congressional review, but if all goes according to plan the redevelopment project would begin in 2014 and open sometime in 2016.
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