Marriott International acquired New York City’s Clock Tower building at 5 Madison Ave. The building was sold in 2007 for $200 million to Africa Israel USA, which now sold the property to Marriott for $165 million. The iconic building, also famously known as the The Metropolitan Life Insurance Company Tower, was constructed in 1909 and was uses as the insurance firm’s headquarters until 2005.
Marriott plans to make the building its first location of the Edition brand, which is set to be “a new luxury, lifestyle hotel brand created in partnership between Marriott International and [hotelier and real estate developer] Ian Schrager.”
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