[credit provider=”photos via Wikimedia Commons”]
Fashion icon Tommy Hilfiger just purchased the landmark clocktower on Madison Square Park for $170 million, and will probably turn it into a hotel, according to The Wall Street Journal.The clocktower, at 5 Madison Ave., has been empty since 2007 when Israeli diamond magnate-turned-developer Lev Leviev purchased it for $200 million.
Leviev’s plan to turn the building into 55 ultra-luxury condos fell through when the economy went south, Curbed reports.
Apparently, Hilfiger has been looking to break into the hotel business for some time.
Tommy Hilfiger, which was bought by clothing conglomerate Phillips-Van Heusen last year, has been looking to expand into the hotel business. Some real-estate executives believe that the firm bought the building at 5 Madison Avenue, known as the Clock Tower building, with an eye toward converting it into a hotel.
The company at one point looked at the landmark Chelsea Hotel, which was put up for sale last year, but decided not to bid on it, according to a person familiar with the matter.
Hilfiger’s not the only fashion designer with an interest in the hotel business. Georgio Armani designed the recently opened Armani Hotel Dubai, and has several other resorts in the works.