Famed fashion designer Tommy Hilfiger's plan to convert Manhattan’s landmark Metropolitan Life Tower into a luxury hotel may have hit a snag.
Hilfiger last month reportedly had a contract in place to buy the 112-year-old tower that overlooks Madison Square Park from owner Africa Israel USA for US$170 million. But Hilfiger and his partner in the deal, JSR Capital, still have not closed on a loan to pay for conversion of the 700-ft. building, now known locally as the Clock Tower.If the project does move forward, it 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.If the project does move forward, it 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.
