NEW YORK CITY Famed fashion designer Tommy Hilfiger has agreed to buy Manhattan’s landmark Metropolitan Life Tower and plans to convert it into a hotel.
Hilfiger has a contract in place to buy the 112-year-old tower that overlooks Madison Square Park for US$170 million, The Wall Street Journal reports. At 50 stories, it once held the title of world’s tallest building. The deal with current owner Africa Israel USA is expected to close within 60 days.
This would be Hilfiger’s first foray into hotelkeeping as a principal. His fashion company, which was recently acquired by Phillips-Van Heusen Corp. for about US$3 billion, would not be involved in the hotel project, according to the newspaper.
Hilfiger’s exact plans for the would-be hotel remain unknown, although it is believed he is considering converting part of the property into condominiums.