From Crains New York Business:
CIM Could Buy It Out of Bankruptcy
After two years of legal battles, including a lawsuit against Marriott International, the Courtyard Marriott on First Avenue and East 92nd Street [in New York City] is likely to close in just over two months. The 226-room hotel will lay off 59 employees by March 30, according to a notice filed with the state Department of Labor. Opened in 2006 by Madison 92nd Street Equities, which is led by Robert Gladstone, Louis Taic and Jeffrey Kosow, the property has struggled to break even. The owners blame their problems on labor contracts, Marriott franchise fees and the weak economy. Click here for the full story.