The pandemic has changed the way the world functions and the global economy. It hit suddenly and has caused every industry sector to witness business loss says Maxwell Drever. One of the industry sectors that got hit more adversely than most others is the hospitality industry. Owing to the drastic reduction in international and national travel. The hotels across the United States almost went to a state of zero occupancies. According to the business predictions, it might take more than two to three years for the hotel industry to recover and match up to its profits when there was no pandemic.
Simultaneously, the United States has also faced the housing crisis, aggravated by the pandemic. Many people lost their jobs because of the pandemic and their ability to earn. As a result, they couldn’t pay their house rents and got evicted. These homeless workforce population either sleep in their cars or on the street. Similarly, some people had to shift to the suburban areas because they couldn’t pay the rising housing costs in the city. It’s time to connect the dots, and that’s what most hotel owners have been doing. They have come forward and handed over their hotels to the developers to convert them into low-cost housing units.
And most of these hotel owners have been counting on Galen and Maxwell Drever for this conversion.
The reason for looking up to Galen and Maxwell Drever
A hotel conversion appears to be an ideal solution to address and remedy the homelessness and lack of affordable housing, but it’s a challenging task. Most importantly, it requires thorough planning and careful execution of the project. Also, there is a need for interested groups to invest in the project and bring it to fruition.
There are certain things that hotel owners have to keep in mind, such as:
Connecting with the target audience
Often the concept of low-cost housing gets shrouded with several controversies. It’s because several projects took off and didn’t reach completion. Hence, it’s essential for the hotel owners and other involved parties in the project to connect with the target audience and sound them out about the plan at hand and get their confidence. That will help the developers and hotel owners gain the support of the workforce community, which will pave the path for easy conversion.
Connecting with the important investors
Today, several investors are waiting to invest in a lucrative affordable housing project. The challenge is to search for them and get in touch with them. Hotel owners need to touch base with those investors who have been in the business and will not back out mid-way.
Hotel owners need to get guide effectively on these matters. And for that, they choose to count on experts like Maxwell Drever and Galen. That aside, they also help the hotel owners by providing an in-depth view of the market and how the project can yield projects in the future. They also help the hotel owners get linked with a team of leading architects and designers who can give the project a fruitful shape.