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. The project is one of many new hotels under way as the city's lodging industry recovers from the economic downturn with rebounding room rates and lower vacancies. For example, Yotel, which specializes in small rooms and low rates, is planning to open with 669 rooms in Midtown next month. Other big fashion names also have expanded into the hotel world. Versace has hotels in Australia and Dubai, and Armani also has hotels. Get the full story at The Wall Street Journal (free content)