The spread of the COVID-19 pandemic has resulted in a severe blow on the economy. The hospitality sector is no different in this regard says Maxwell Drever. With the abandonment of tourism and convention centers, many hotel owners got forced to sell their properties. It is because of the lack of revenues coming from the hotel industry. Along with this, most of these hotels fall vacant with no customers.
On the other hand, there is a different scenario with the real estate sector. Multiple developers and real estate investors look into this opportunist scenario. They understand the need of the hour that requires new construction. Remember that the growing population requires shelter over their head. The same is the case with the workforce population.
The workforce population that includes teachers, firefighters, police officers, nurses, and healthcare workers forms the backbone of society. They are the major service providers. They come from faraway places into urban locations searching for a job, reveals Maxwell Drever. Hence, they require logging in and around their job location. In such a scenario, hotel owners and property owners must come forward to use this opportunity to transform their hotel rooms into residential units. However, the method is not that simple, and a lot needs to be completed.
The convenience of the hotel conversion
Hotel conversion is far more convenient than taking a new construction. Remember that it ensures better utilization of society’s resources. Irrespective of the hotel condition, immediate repurposing of hotel rooms into housing units is possible. However, before undertaking the project property evaluation of the property is vital.
Significant areas to bring under consideration
Now that you have decided to convert your hotel rooms into residential units, it’s time to evaluate the property. Hotel owners and real estate investors have to examine the below-given points:
• Location– The location plays a vital role in hotel conversion. If your hotel has an ideal location near the industrial center, you can undertake hotel conversion. Remember that the workforce population requires lodging in and around the job locality. Hence, the ideal location plays an essential role.
• Site suitability- Site suitability is another significant point that hotel owners cannot compromise. Remember that hotel rooms have two vital aspects, one is a bathroom and the second is the bedroom. However, hotel rooms are different from residential units. Yet, hotel rooms are for a luxury stay. Hence, Maxwell Drever believes proper evaluation of the room and repurposing of the area is necessary.
• Zoning– Every state has various legal and zoning provisions. As a hotel owner, you have to invest your time in researching these policies in detail. You have to understand these because that has an impact on the process. When you pay attention to every detail of the zoning protocol, your conversion of hotel rooms will be smooth.
As illustrated earlier, real estate investors and hotel owners must comprehend the significance of on-site amenities. These considerations can help you drastically to bring changes in the society.