The Real Deal New York

92nd Street Courtyard Marriott to close?

January 13, 2012 05:30PM

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Robert Gladstone and the Courtyard Marriott

The 226-room Courtyard Marriott on East 92nd Street may close this spring, in the wake of two years of legal battles, including a lawsuit against Marriott International, Crain’s reported. It is scheduled to lay off 59 employees by March 30, according to documents filed with the Department of Labor.

The property, at First Avenue, has struggled to break even ever since it opened in 2006, Crain’s noted, with owner Madison 92nd Street Equities, led by Robert Gladstone, Louis Taic and Jeffrey Kosow, citing extortionate franchise fees and the turbulent economic climate. The hotel eventually filed bankruptcy protection in August.

Michael Verde, an attorney for the hotel, told Crain’s that the labor filing was simply a “formality” and that the bankruptcy court has not approved the closure of the hotel. [Crain's]

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