Centerplate is walking away from the Walter E. Washington Convention Center once its contract with Events D.C. ends next March, the Stamford, Connecticut-based food and beverage company said in a statement Friday (Oct. 12).

Centerplate had been a catering partner with Events D.C., the quasi-public agency that operates the 2.3 million sq.-ft convention center in the nation’s capital for most of the “past decade” but “reached the determination to not pursue a new contract with the Center at this time,” a statement from Centerplate reads.

EventsDC is seeking a minimum annual payment of $5 million and is expecting significant investment in the facility. A rep for Centerplate said it did not make financial sense to pursue the contract after reading Event D.C.’s RFP, which closed bidding Friday.

“Our team remains dedicated to providing the highest level of services to guests, and to ensure a smooth transition to a new provider at the end of the contract in March 2019,” the statement concludes.