NEW YORK (AP) -- Designer Tommy Hilfiger has abandoned a plan to buy a landmark Manhattan office building for $170 million and
convert it to a hotel.
The Wall Street Journal reports (http://on.wsj.com/qwryaA ) that
Hilfiger and his investment partner JSR Capital were unable to
deliver the agreed-upon sum to the developer that owns the 50-story
Metropolitan Life clock tower building.
A representative for Hilfiger said there were other issues. He
told the Journal that Hilfiger and his partner had the capital
available to buy the building but other projects "make more
Hilfiger has no background in the hospitality industry but had
been shopping for a New York City building to convert into a hotel.
The clock tower overlooks Madison Square Park and was the
world's tallest building when it was completed in 1909.
Information from: The Wall Street Journal, http://www.wsj.com (Copyright 2011 by The Associated Press. All Rights Reserved.)