Old Post Office, Washington, DC

WASHINGTON, DC—New York City developer Donald Trump and his daughter Ivanka officially took control of the Old Post Office building here over the weekend and will now launch a $200-million conversion of the storied property into a 271-room luxury hotel.

The Trumps inked a deal last summer with the General Services Administration on a 60-year lease for the property on Pennsylvania Avenue. The federal government will continue to own the property, while Trump will be charged a base rent of $250,000 a month, according to the Washington Post.

The new hotel is scheduled to open in early 2016. The historic clock tower at the Old Post Office closed on May 1 and will re-open in 2016. It will continue to be operated by the National Park Service once the hotel opens.

Part of the massive planned renovation will include tearing down the outside of the rarely used Old Post Office’s rear annex, which was built in the 1980s, to make way for a large ballroom. See story in the Washington Post.