The pandemic outbreak has resulted in chaos and havoc worldwide. To bring down the impacts of the invisible virus, today, both international and national organizations have implemented ways for bringing down the virus’s spread says Maxwell Drever. And many aspects have affected the economy. Over the past year and a half, we also had to face travel restrictions, social distancing, and repeated lockdowns. And all this has impacted the hospitality sector adversely.
As a result, the hotels and the resorts didn’t have increased occupancies. And that made many hotels witness tremendous losses. According to experts, it might take another two to five years for the hotel industry to bounce back to what it was. And that resulted in an interesting outcome – a huge number of hotels in the United States have decided to hand over their properties to the developers to convert it to an affordable workforce housing space for the lower- and middle-income families. And that is the need of this hour.
If you look around, you will find that this initiative is being taken worldwide. It’s because having a home or a shelter is a primary need for everyone says Maxwell Drever. Also, the conversion process is not easy because a hotel has to renovate its property to provide an emergency shelter for those who need it the most.
The hotels that operate as an affordable housing estate
The sudden COVID-19 outbreak had made many parts of society homeless. And this virus infection didn’t just affect the overall human health globally but also people’s way of life. Hence, there is an urgent requirement for emergency and affordable housing accommodation spaces today. About 30% of the people around the globe have witnessed homelessness. Therefore, the leaders and prominent names in the hotel industry are taking adequate initiatives to make way for affordable housing facilities for people to reside and resolve the issue of homelessness. The quick revamping of these shelter zones resulted in unoccupied spaces. But such initiatives have an essential role in society, as it addresses and tries to remedy a serious problem.
Hence, first and foremost, the real estate agencies and developers must search for hotels. That are willing to convert their property to an affordable housing living space. That will make a huge part of the job easy.
The hotel and property evaluation process
It is essential to remember that when a hotel or an old property is getting ready for converting to an affordable housing space. It needs to undergo a thorough evaluation. According to Maxwell Drever, this property will act as a residence for many, indicating that it should be robust and stable. Hence, it should undergo all the necessary evaluations to ensure that it doesn’t collapse shortly. Also, this evaluation will suggest whether the property requires any repair or replacement. Which will ensure that the conversion process takes place seamlessly. There are no hurdles once the conversion process gets started.