The past two years have been challenging for everyone across the globe. The pandemic outbreak has hit every industry sector, including the hospitality sector explains Maxwell Drever. But today, there is a silver lining for the hotel sector. Even though there are multiple alterations in the competitive landscape in today’s hospitality industry, the majority of the owners have attempted to rethink their business. They thought about their business in a new way. It is because most hotel owners are trying to assess transforming vacant hotels into low-cost housing units.
According to Maxwell Drever, the few points will highlight the present scenario:
- Converting the hotels to low-cost housing units through the federal programs
- Converting hotels to rental apartments to capitalize on the unprecedented demand
When it comes to hotel owners, the current strategies of the federal and state governments always favor hotel conversion. In addition to this, the increasing demand for low-cost housing units proves to be a significant driving force.
Converting hotels to low-cost housing –The best practices
No one is unaware of the current housing crisis that is present in the United States. At the same time, people are also aware of the zero to low occupancy rate in the hotels, which has made many hotels owner think about whether they should put the property to another use. And it’s the time for connecting the dots, and that’s what most hotel owners are doing. However, the process of transforming a hotel into a low-cost housing unit is not easy. It’s essential to assess whether a hotel is apt for the conversion. And for that, it is necessary to implement a few best practices. They are:
Assess the structural layout of the hotel
Usually, most hotels come with an elaborate and lavish layout because it is supposed to house guests and travelers. However, a residential unit for the workforce population will have different needs. Hence, it is necessary to weigh and assess the structural layout of the hotel to check whether it will be apt for the conversion or not. It is essential to involve expert architects who can assess the hotel structure and add to the final decision-making process.
Check the hotel location
A massive chunk of the workforce population has to travel from the suburban and rural areas to the city to work. Hence, these people are searching for a low-cost house in the town, near to their workplace, within their budget. The developers need to check the hotel location and decide whether it will be beneficial for the workforce population to reside.
Assess the foundational stability
According to Maxwell Drever, when a hotel is getting transformed into a housing unit, it will act as a permanent residence for them. Hence, it is necessary to check the foundational stability of the hotel. It will ensure that the hotel doesn’t get demolished during the conversion process or even after that.
These are some of the essential practices that will help to determine if a hotel is apt for getting converted into a low-cost housing unit for the workforce population.