I am not sure what to think about this, other than, why not? The NYT ran an article detailing plans of the Donnell branch of the New York Public Library to sell their current space to a hotel company for oodles of money - with the stipulation that the library gets the first floor and two floors below ground.
They need money, their branch needs remodeled desperately, why not take the $59 million? Plus, being in a hotel might increase traffic, although I wonder what sorts of issues will come up with regards to travelers wanting to borrow books. Of course, "The two operations will have separate entrances and be divided by a wall."