The sudden pandemic outbreak in 2020 had affected the global economy adversely. Hence, it’s evident that it has affected every industry vertical says Maxwell Drever. Here the hotel industry has got badly hit by the pandemic. According to the latest research, it can take up to 2023 or more years for the hotel industry to recover the pandemic’s loss. Today, the investors are offering a similar insight about the hotels’ prospects as viewed in the underperformance of the lodging real estate investment trusts in the United States. And similar to several industries, the hospitality industry will see both substantial and subtle shifts in a post-pandemic time. Some of the changes are evident today.
Since, the recovery of hotel industry will take time, it’s essential for hotel owners to think of creative ways to use their properties that are mostly lying vacant. Also, if you take a look at the housing crisis in the United States, you would realize that there is scope to improve. Hence, it’s time to read between the lines and that’s what most hotel owners are doing. They are in an attempt to transform their property into affordable workforce housing projects. And walking in the same line today, prominent hotel owners depend on Galen and Maxwell Drever for this hotel conversion.
Hotel conversion involved serious decision making
Converting a hotel or a distressed motel to make a low-cost apartment for the homeless people and workforce population in the United States, seems to be an innovative solution. And the initiative might seem easy or doable on paper, but it has several challenges. It’s an essential decision making not just on the hotel owners, but also other people involved with the hotel, such as the stakeholders. A hotel conversion project will include careful planning, precise architectural design, and investors’ investments. Hence, it is necessary for the hotel owners to consider every minute aspect of each factor and reach a well-informed decision.
Transforming a hotel into an affordable workforce housing would mean changing its existing form and build so that it can accommodate the workforce group. It means, the owners can’t suddenly decide to start operating the property as a hotel. The hotel owners need to evaluate the pros and cons of the situation and then go ahead with the task at hand.
It’s essential to know about the market
We know for sure that it will take time for the hotel industry to bounce back to making profits. Like it used to make before the pandemic. Hence, when a hotel owner plans to hand over the property. To a developer to transform it into a low-cost apartment, it’s essential to survey the market. And know of the affordable workforce housing. Are people making profits here? Is it a good business move, other than being a philanthropic move?
Here, people like Maxwell Drever and Galen come into the picture. They will their years of expertise and experience can guide the hotel owners about stepping into the affordable housing domain. To make the best decision that will benefit all.