NEW YORK CITY-After disclosing in October that it had entered into an agreement with an unknown buyer for the MetLife Clock Tower building at Five Madison Ave., Africa Israel USA has brought to light the buyer—and its plans for the iconic asset. As it turns out, the 41-story, 267,000-square-foot iconic building sold to a buyer well-placed to redevelop it.

Marriott International bought the property for $165 million and will develop it in partnership with developer Ian Schrager under the Edition brand. The two will also develop other Edition hotels slated for cities such as Bangkok, Abu Dhabi, Los Angeles and Gurgaon, India.

The renovations to the Clock Tower building are scheduled to begin in late 2012, though Marriott says that design work for the space is already underway.