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. Mr. Hilfiger's former company that is now part of Phillips-Van Heusen Corp. isn't involved in the hotel project.

Read the full article at WSJ.com