Marriott Buys NYC’s Clock Tower - will be an EDITION

After acquiring New York City’s Clock Tower building at 5 Madison Ave. in 2007 for $200 million, Africa Israel USA has sold the property to Marriott International for $165 million. The building, also known by its full name of The Metropolitan Life Insurance Company Tower, was constructed in 1909 and served as the world headquarters of the insurance firm until 2005.

The hotel chain plans to make the building its first location of the Edition brand, which was described as “a new luxury, lifestyle hotel brand created in partnership between Marriott International and [hotelier and real estate developer] Ian Schrager. According to Kew Management, fashion designer Tommy Hilfiger signed a $170 million contract in May 2011 to transform the property into a hotel, but the deal fell through in September.

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