New York City Real Estate. According to an article by Craig Karmin in the wsj.com: ” Clothing designer Tommy Hilfiger, known for his preppy American style, is hoping that same formula can catch on in the increasingly design-conscious hotel industry.
Mr. Hilfiger and a business partner have signed a contract to pay $170 million for the Clock Tower office building near Madison Square Park, planning to convert it into a luxury hotel that will cater to a young, affluent crowd.
“The project is one of many new hotels under way as the city’s lodging industry recovers from the economic downturn with rebounding room rates and lower vacancies.”
“Other big fashion names also have expanded into the hotel world. Versace has hotels in Australia and Dubai, and Armani also has hotels.”-Read full article in wsj.com