In 1857, the merchant Amos Eno bought a land parcel at the intersection with Fifth Avenue and 23rd Street. He built the luxury Fifth Avenue Hotel on this site by 1859. The six-story-high structure, which was designed to accommodate 800 guests, became the largest hotel in the world at that time. The hotel served as the headquarters of the Republican Party and was used by Presidents Ulysses S. Grant and Chester A. Arthur. When the Prince of Wales, Edward VII, visited the hotel in 1860, the commercial appeal of the adjacent neighborhood was greatly increased. The area bounded by 14th and 23rd Streets between Sixth Avenue and Broadway was soon dubbed Ladies' Mile. In 1908, the hotel was demolished and replaced by the Toy Center.