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The significance of Maxwell Drever’s ideas into hotel transformation into affordable workforce shelters

Every individual by this time has endured the most challenging year in recent times. That is the pandemic of 2020 says Maxwell Drever. The worldwide pandemic has resulted in several challenges in terms of security and life. However, there is still a ray of hope. Although unprecedented challenges are here to stay, there are opportunities in the competitive landscape. As hotel owners and landlords, you must understand the need of the hour. 

There are opportunities to help your business grow. Hence, what is required is a positive attitude among different economic sections. You may grab this opportunity to review your properties and transform them into residential units. Yes, you heard it right. There is a worldwide shortage of residential states. The workforce population requires shelters near their job location. However, there is a growing gap between demand and supply. The aristocratic part of society must introduce strategies to help convert their properties into residential apartments. For this, proper insight is a necessity—research every step to promise a better future to the workforce population. 

Improve asset value and reduce risk with conversion

Everybody knows one fact for sure: transforming hotel rooms into affordable housing units is a more cost-effective process than undertaking new construction. In the present scenario, where everybody is trying to adjust to the new normal, the growing demand for shelter has grabbed everybody’s attention. 

There is increasing pressure for workforce housing units from individuals known as the workforce population. These individuals are the primary source of services and include teachers, firefighters, police officers, medical practitioners, and more. They have an area median income falling between 60 to 120%, and therefore they cannot spend more than 30% of their income on rent. It forces them to stay away from their job locations in faraway places. It negatively impacts their health and lifestyle with increasing commute time. With this, it is also affecting their finances. 

In this scenario, it is the responsibility of the governments to initiate programs and policies for supporting the conversion procedure. Maxwell Drever states that various municipalities have created philanthropic and non-profit projects for building modular housing projects. Moreover, they are also initiating funding programs to provide a necessary resource for these procedures. 

The near future

The need of the hour is a reasonable assessment of the properties and then undertaking the conversion. As a hotel owner, it is your responsibility to evaluate your property to understand whether it is suitable for modification or not. Remember that the conversion procedure is not as easy as you may think of it. To make it more cost-effective, you have to undertake a proper assessment. Along with this, Maxwell Drever reflects the ideal location and basic amenities of hotel rooms are vital. If your hotel does not have the basic amenities required by the workforce population, demand will not be high. Remember that various states have come up with programs to help replace and repair hotel rooms. 

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