The pandemic outbreak has changed the fabric of our life! It has made several state and corporate purchasers discover several scopes of property investment conversions taking place amongst the hotel owners in the United States. Since the hotel industry has suffered immensely, many hotel owners are constantly trying to find other uses of their properties says Maxwell Drever.
And for decades, several stakeholders along with purchasers have looked upon old and redundant hotels as a channel to build accommodation units that can cater to multiple purposes. For instance, the no longer in use hotels can get converted to assisted living, affordable workforce housing, condominiums, and student accommodation. Few people have witnessed massive success by transforming their hotels to various other real estate classes. However, due to the financial burden that hotel owners faced. Because of the pandemic, the interest in redeveloping the current hotels and other properties. That are not used to accommodate units has increased. Maxwell Drever says that since, the housing crisis is a reality in the United States and got increased by the pandemic outbreak, converting hotels to build affordable workforce housing units is a better and smarter decision.
The pandemic played an important role
The pandemic had increased the percentage of conversions and have made many hotel owners transfer their properties to many developers. The alternative-use investors present based in the U.S are increasing the costs to 35% more than the conventional levels. And according to the assessment of several experts, the total market value of all the properties. That got for the conversion taking place in the forthcoming years, moving up to $30 billion.
What made Drever and Galen seal the deal?
Converting an old, unused, or broken hotel to an affordable housing unit is not easy. It comes with its set of challenges. However, the hotel owners consulted Maxwell Drever and Galen because of their experience and expertise in this subject. Also, their valuable views and opinions play an important part in the conversion process. They can provide valuable guidance about the arrangement of the space. The use of the parking space in the properties, and deciding on the amenities and layouts. That aside, they have also helped in the property assessment to check whether a certain hotel is apt for the conversion. And can support as an accommodation unit for the workforce housing needs. That aside, they have also helped the hotel owners and other developers with the required market research and reports. Which can shape the conversion process smoothly and without any hassles.
Today, there are several old and unused hotels in the United States. And its nearby regions are getting transform as a unit to provide accommodation for the low- and middle-income population group. Hence, it becomes essential to clearly understand their needs and expectations. From a housing unit and remodel an existing space accordingly. Also, the hotels and distressed properties are excellent properties. To renovate and provide shelter for those who can’t afford a house. It helps the housing crisis and enables the homeless to feel secure and earn a living.