Trump Hotel Collection Selected By Gsa As Preferred Developer Of The Old Post Office Building, Washington, D.C.Plans for 250-Plus-Room Trump International Hotel, The Old Post Office, Washington, D.C. Include Curated Museum, Exhibition Gallery, and Indoor & Outdoor Gardens; Colony Capital to Co-Invest
NEW YORK - Feb. 7, 2012 - TRUMP HOTEL COLLECTION™ today announced that it has been selected by the U.S. General Services Administration (GSA) as the preferred selected developer of the most sought-after hotel redevelopment opportunity in the country: Washington, D.C.'s iconic Old Post Office Building.
"The selection of the TRUMP HOTEL COLLECTION is a tremendous validation of our plan for the highest and best use of this historic building and the hard work of our organization. The GSA ran an extensive process and we are extremely honored to have been selected," explained Donald J. Trump, chairman and president.
Under its proposal, the TRUMP HOTEL COLLECTION will be sponsor, investor, developer, brand and operator, making it possible to shepherd the building through every stage of concept, redevelopment and operations.
Colony Capital partnered with Trump on the proposal and will co-invest in the project. "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 chief executive officer of Colony Capital LLC. "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."
Donald Trump continued, "The physical beauty of The Old Post Office, coupled with its unrivaled location on Pennsylvania Avenue, affords us the ability to accomplish just that."
Seen as a generational asset by the Trump family, the redevelopment plan will infuse the building with new life. Plans for Trump International Hotel, The Old Post Office, Washington, D.C. include the highest-caliber features and amenities - with more than 250 expansive guest rooms, penthouses and presidential suites; world-class restaurants, a café, and a bar and lounge; extensive banquet, ballroom and meeting facilities; The Spa at Trump®; and a library - as well as a curated museum, exhibition gallery, and indoor and outdoor gardens - all preserving the integrity of the historic structure.
Approved by Congress in 1880 and completed in 1899, the massive Richardsonian Romanesque Revival edifice known as the Old Post Office is located at Pennsylvania Avenue and 12th Street. In 2008, recognizing that the building had outlived its usefulness as federal office space, Congress directed GSA to enter into a long-term lease for private-sector development and restoration.
"Deciding to move forward with redeveloping this iconic property potentially will save millions in taxpayer dollars. The tremendous response from the private sector allowed us to select a proposal that will provide a positive economic return for the Federal Government and better utilize a historic property on our nation's Main Street," said Robert Peck, GSA's Commissioner of the Public Buildings Service. "The Trump Organization plan will preserve the historic nature of the building and improve the vitality of Pennsylvania Avenue. This redevelopment represents good business sense on behalf of the American taxpayer, the Federal Government and the District of Columbia."
A statement released by the GSA earlier today stated, "After closely evaluating the submissions, GSA determined the Trump Organization proposal represented the strongest development team, best long term potential for the local community, and most consistent stream of revenue for the Federal Government."
About TRUMP HOTEL COLLECTION™
Launched in October 2007, TRUMP HOTEL COLLECTION™ is the next generation of luxury hospitality - one that is raising the bar in the top-tier travel experience with a level of customized service unrivaled in the market today. Presided over by internationally renowned developer Donald J. Trump and his three grown children - Donald Jr., Ivanka and Eric - the prestigious portfolio includes the highly acclaimed Trump International Hotel & Tower® New York, Trump International Hotel & Tower® Chicago, Trump International Hotel™ Las Vegas, Trump International Hotel™ Waikiki Beach Walk®, Trump SoHo® New York, Trump Ocean Club® International Hotel & Tower Panama, and the newly opened Trump International Hotel & Tower Toronto®. Reservations can be made at www.TRUMPHOTELCOLLECTION.com or by calling (855) TRUMP-00 (878-6700). TRUMP HOTEL COLLECTION is headquartered at Trump Tower, 725 Fifth Avenue, New York, NY 10022. Connect with TRUMP HOTEL COLLECTION on its social media pages. To learn more about TRUMP HOTEL COLLECTION branding and management capabilities, visit www.trumphotelcollection.com/developers.
About Colony Capital LLC
Founded in 1991 by Chairman and Chief Executive Officer Thomas J. Barrack, Jr., Colony Capital is a private, international investment firm focusing primarily on debt and equity investments in real estate-related assets and operating companies. The firm has invested $45 billion in over 14,000 assets through various corporate, portfolio and complex property transactions. Colony has been one of the largest owners of hospitality assets in the world with investments in Fairmont Raffles Hotels, Accor, AmanResorts and dozens of individual hotels globally. Colony's investments have also included the legendary integrated resort Costa Smeralda on Sardinia, the award-winning hospitality platform sbe, the conversion of the Mayfair Hotel in New York to the luxury condo 610 Park Avenue (which was done in partnership with Donald Trump), the Savoy Hotel Group's five-star hotels in the UK, the five-star Stanhope Hotel in New York, and The Orchid at Mauna Lani in Hawaii (in which Colony continues to own the management company). Colony has a team of more than 250 and is headquartered in Los Angeles, with offices in New York, Boston, London, Madrid, Paris, Rome, Beirut, Hong Kong, Seoul and Taipei. For more information, visit www.colonyinc.com.