# New York Hotel Trades Council and Hotel Association of New York City Pension Fund

New York Hotel Trades Council and Hotel Association of New York City Pension Fund is a Pension Fund based in New York, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Assets under management:** $2.3B (Altss estimate)
- **Website:** nyhtc.org
- **LinkedIn:** https://www.linkedin.com/company/new-york-trades-council-&-hotel-association-of-new-york-city

## Regulatory record

- **Reports private funds:** No

## About

The New York Hotel Trades Council and Hotel Association of New York City Pension Fund is a multi-employer Taft-Hartley plan jointly sponsored by the union representing NYC hotel and gaming workers and the employer association for the city's hotel operators. Plan Administrator Richard Maroko leads the fund from the union side, while Vijay Dandapani, President of the Hotel Association, represents the contributing employers. The fund provides retirement security for tens of thousands of hotel room attendants, front-desk agents, bellhops, and casino workers across the five boroughs. Its dual governance structure — labor and management trustees sitting side-by-side — is the defining feature of its architecture. The fund runs a diversified institutional portfolio spanning public equities, fixed income, and a growing alternatives allocation. Private-market exposure includes direct real estate, private credit, and secondaries. The real estate program is where the fund departs from the standard pension playbook: rather than only investing in commingled funds, it directly owns the health centers and training facilities that serve its members. Confirmed properties include the Midtown Health Center at 305 West 44th Street, the Brooklyn Health Center at 15 Bond Street, and the Queens Health Center and Industry Training Center at 37-11 35th Avenue in Astoria. This owner-occupant model gives the fund lease income from a covenant with its own affiliated benefit plans, a structure that reduces vacancy risk while controlling healthcare delivery costs for the population it serves. Governance is concentrated in the joint board of trustees, with Maroko exercising influence through the union's institutional weight in a sector where labor density remains high and hotel occupancy directly affects contribution levels. The fund's structural differentiator is not its asset allocation but its real-asset integration: the same entity responsible for generating retirement returns also owns the physical infrastructure that delivers healthcare to its participants. This blurs the line between pension management and benefit delivery in a way few other American multi-employer plans replicate. Taft-Hartley governance further insulates the fund from the political appointment risk that shapes single-sponsor public plans, making its long-duration liability matching a function of labor-management bargaining rather than electoral cycles.

## Sectors

- Real Estate
- Private Credit
- Secondaries & Special Situations
- Healthcare Services

## People

- Richard Maroko — Plan Administrator and President of the New York Hotel Trades Council
- Vijay Dandapani — Plan Sponsor and President of the Hotel Association of New York City

## Questions

### How is the fund's direct real estate strategy different from a typical pension fund?

Rather than investing exclusively through commingled real estate funds or REITs, the fund directly owns the properties that house its affiliated health centers and training facilities. This includes the Midtown Health Center on West 44th Street, the Brooklyn Health Center on Bond Street, and the Queens Health Center on 35th Avenue in Astoria. The owner-occupant model generates lease income from the fund's own health plan, creating a circular economic relationship that reduces third-party vacancy exposure while giving the fund control over healthcare delivery costs for its members.

### How is the fund governed, and who are the fiduciaries?

The fund operates under Taft-Hartley multi-employer plan rules, with a board of trustees evenly split between union-appointed and employer-appointed fiduciaries. Both sides must agree on investment policy, benefit levels, and administrative matters. This dual-approval mechanism is designed to prevent either labor or management from exercising unilateral control, a governance model common to construction and entertainment union plans but less typical outside those sectors.

### What is the fund's relationship to the New York Hotel Trades Council itself?

The New York Hotel Trades Council is the labor union that represents hotel workers covered by the plan and serves as the union-side co-sponsor. The Hotel Association of New York City is the employer-side co-sponsor representing hotels that contribute to the fund. Neither entity owns the pension assets; the fund is a separate legal trust managed by the joint board. Richard Maroko leads the union and serves as Plan Administrator, linking the pension's governance directly to organized labor leadership.

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Last updated: 2026-08-11T02:43:31.692Z

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