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Maxwell Drever Discusses Hotel Evaluation for Affordable Workforce Housing Conversion

Maxwell Drever Discusses Hotel Evaluation for Affordable Workforce Housing Conversion

Hotel occupancy took a nosedive during COVID, dropping to 22% in 2020 due to guests being in quarantine for the virus. Rates began rising again, as hotels filled with guests when people became less afraid of getting the disease. Vaccination gave another reason for hope. Some hotels still had decent occupancy because of their strategic positions. These hotels could gain, while others weren’t as competitive and likely couldn’t adapt from this setback after the virus left everyone in mass hysteria. While many hotel rooms remained empty during this time, affordable workforce housing continued to be a problem for citizens living in various regions across the country.

With experts in the hospitality industry estimating a four-year timeline to recoup lost revenue due to the fall-off in business caused by the worldwide pandemic, some hotels are going on sale at deep discounts. Some property developers are taking advantage of this opportunity and looking toward repurposing old hotels into small multifamily buildings. Hotels can accommodate multiple apartment units for people who would be able to comfortably live their lives within urban or residential environments without the need to move or relocate because of changing economic conditions.

Maxwell Drever says it can sound like an ambitious project, but a handful of hotels have already paved the way for affordable workforce housing. If you want to succeed in this, you should focus on selecting the right property through its evaluation.

Building Condition

Checking the hotel from every angle is necessary. You have to make sure the building will be cost-effective to work. For this, you need to look for weathering issues related to the facade and whether or not it requires heavy structural overhauling.

Building and Unit Construction

Maxwell Drever emphasizes the need to analyze structural integrity to ensure the safety and security of future renters or occupants. At the same time, paying attention to available open space for recreational and common areas can be a good step. Likewise, one has to determine whether the rooms are spacious enough to turn into studio apartments or there is a need to combine two or more units to build them into larger rooms. Recognizing how many dwellings can eventually feature on one property is also crucial. While it has to do with maintenance and management, more units also mean the ability to attract more people to the property and increase one’s revenue.

Problem hotels and motels have been a prominent issue that has created blighted areas in many parts of larger cities today. Because these areas have become so run down, they no longer attract buyers who could give the site a facelift and ultimately bring it back to life. If old hotels convert into affordable workforce housing for low-to-middle income families, this will spark the revitalization of many ‘spoiled’ areas with hard-earned tax dollars. More precisely, two problems can come together to cater to a better tomorrow for many people who deserve to lead a decent life without worrying about basic human needs like living in a safe home.

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