Real estate mogul (and presidential candidate) Donald Trump has made a $42 million personal investment in his latest DC development, the Trump International Hotel on Pennsylvania Avenue, according to BizJournal.
“I am putting $42 million of my own cash into the project, and there are no other equity partners. We own all the equity,” Trump announced in an interview with the Washington Post.
Trump is working on the project of transforming the Old Post Office with his daughter, Ivanka. The ground-breaking ceremony was packed with heavy hitters of the goverment and real estate worlds, including Congresswoman Eleanor Holmes Norton, Mayor Vincent Gray, Muriel Bowser, Councilmember, Ward 4, Council of the District of Columbia, and Norman Dong, Commissioner of the Public Buildings Service for the United States General Services Administration.
The official Trump Hotel Collection website states that Trump International Hotel, Washington, DC “will offer a total of 39,000 square feet of meeting and event space, the finest of which will be the opulent 13,000-square-foot Grand Ballroom, the largest among DC luxury hotels.”
The hotel will feature 270 guest rooms, averaging more than 600 square feet, making them the largest in Washington, DC, with 16-foot ceilings, huge windows, restored historic millwork and glittering crystal sconces and chandeliers.
Two Presidential Suites are planned and will be located in the historic former offices of the Postmaster General. At 3,500 and 5,000 square feet, the three-bedroom suites will also be among the largest in the country and feature windows on three exposures, offering views of The Capitol and The Washington Monument. Additional features include a formal dining room with original fireplace, a pantry/kitchen for use by dignitaries during extended stays, a service entry, walk-in closets, exercise room and a two-person shower and steam room.
The project is slated for completion in 2016.