Representatives for 54 Madison did not respond to a request for comment.
New York’s hospitality and tourism industry is in a much different place now than it was when Marriott Vacations purchased its tranche of units last winter. Covid-19 has hurt the industry, and a recent report from the Hotel Association of New York City found that only half of hotel owners and general managers think the sector will recover from the pandemic’s impact. About 200 local hotels closed temporarily or permanently as of late September, the report said.
Multiple real estate deals in the hospitality sector have taken place, though, despite the pandemic. Prolific hotel developer Sam Chang has sold his projects at 338 W. 39th St. and at 140 W. 28th St. for $31.5 million and more than $147 million, respectively. Ashford Hospitality Trust sold its Embassy Suites by Hilton at 60 W. 37th St. to a firm linked to the Magna Hospitality Group for about $115 million.