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New York Hotel Trades Council and Hotel Association of New York City Pension Fund
Richard Maroko oversees roughly $2.3B for NYC's hotel workers through a jointly trusteed fund that owns its own union health centers.
New York Hotel Trades Council and Hotel Association of New York City Pension Fund
The New York Hotel Trades Council and Hotel Association of New York City Pension Fund operates as a jointly trusteed, multiemployer defined-benefit plan covering unionized hotel workers across New York City. Plan Administrator Richard Maroko represents the union side, while Vijay Dandandapani sits for the Hotel Association of New York City, the employer bargaining group. The fund traces its structure to the Taft-Hartley Act framework, where labor and management trustees share fiduciary responsibility. Asset allocation tilts heavily toward real estate, with directly owned health centers forming a distinctive sleeve. The fund holds the Midtown Health Center at 305 West 44th Street, a Brooklyn facility at 15 Bond Street, the Harlem Health Center on Morningside Avenue, and a combined Queens Health Center and Industry Training Center in Astoria — properties that serve both as investments and as physical infrastructure for the union's member wellness programs. Beyond real estate, the fund allocates across private credit and secondaries, reflecting a multi-asset posture that also includes short-term investment funds for liquidity management. The pension fund serves roughly 40,000 participants drawn from hotel housekeepers, front-desk staff, doormen, and other bargaining-unit employees at properties across the five boroughs. Trustees engage with industry governance bodies, including active participation in the International Foundation of Employee Benefit Plans for fiduciary education. The fund maintains a separate scholarship vehicle — the Hotel Association-Hotel Trades Council Scholarship Fund — for members' families. Unlike most Taft-Hartley plans that outsource real estate exposure to commingled funds, this fund develops and operates its own healthcare properties, aligning asset ownership with union service delivery. The dual-use model means investment returns and member health outcomes are governed by the same board, creating a feedback loop absent in plans that lease clinic space from third-party landlords.
General information
Firm type
Pension Fund
Year founded
—
AUM
$2.3B (Altss estimate)
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Richard Maroko
Plan Administrator
Vijay Dandapani
Plan Sponsor
Sector focus
Frequently asked questions
Who sits on the board of trustees for this fund?
The board is jointly trusteed under the Taft-Hartley framework, with equal representation from the New York Hotel Trades Council — the labor union — and the Hotel Association of New York City, which represents employers. Richard Maroko serves as Plan Administrator from the union side. Vijay Dandandapani represents the Hotel Association as Plan Sponsor.
How does the fund's real estate strategy differ from a typical pension plan?
The fund directly owns and operates healthcare properties that serve union members, including centers in Midtown Manhattan, Brooklyn, Harlem, and Queens. These assets generate returns while housing clinics and pharmacies for participants — an integrated model where the same trustees oversee both fiduciary investment performance and the physical delivery of member benefits.
What asset classes does the fund allocate to beyond real estate?
The fund maintains exposure to private credit, secondaries, and short-term investment funds for liquidity management. The real estate portfolio is the most visible allocation due to the direct ownership structure.
How many participants are covered by the pension fund?
The fund covers approximately 40,000 current and former hotel workers in New York City, including housekeepers, front-desk employees, doormen, engineers, and other bargaining-unit staff at unionized hotels across the five boroughs.
Does the fund maintain any philanthropic or adjacent vehicles?
Yes, the Hotel Association-Hotel Trades Council Scholarship Fund provides educational support to members' families. This operates separately from the pension trust but shares the same labor-management governance lineage.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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