The adaptability of hotels and motels is more straightforward than that of commercial properties, as proven through the process of closed “broken” hotels to affordable workforce housing conversions. For instance, converting the right hotel or motel is a faster and less expensive alternative than building an affordable workforce housing development from the ground up. Furthermore, the revamping of existing broken hotels is the environmentally friendly choice for concerned citizens. All that said, because COVID-19 wreaked havoc on the hospitality business, many hoteliers have been put in the position of needing, or wanting to sell their formerly profitable properties.
For most hoteliers in this position, legendary impact real estate investor Maxwell Drever is the popular choice for those seeking to turn their broken properties into cash, and see their once beautiful hotels converted into luxurious dwellings, starting at $550 per month.
Adding hotels and motels to Maxwell Drever’s lengthy history of providing affordable high quality housing from strategy to implementation is a natural extension for his life’s work. As an essential part of every conversion he undertakes, Maxwell makes certain to do extensive outreach, with the goal of addressing community wants and needs. Through this strategy, he makes the municipality his partner, and the long term health of his investment (the new affordable workforce housing space) becomes the municipality’s investment as well.
Maxwell believes that the building of excellent affordable workforce housing space is simply the beginning of a beautiful relationship of many successful stakeholders, from tenants of the new space, to the communities where the tenants who live in the space dwell. The synergy of a perfectly done broken hotel to affordable workforce housing development is EVERYTHING. From the inexpensive cost to purchase the hotel in an overheated real estate marketplace, to the minimal amount of structural work that needs to be done to complete construction, to the ease with which space in complexes like these rent, to the easy sale it is to convince a family to move into a resort like apartment for $550 per month, to the new life opportunities that the family has awaiting them, to the tax revenues that their new community will earn because they’ve chosen to become residents, to the improved services the town is able to provide its citizens, to the opportunities a thriving town can offer to convince local entrepreneurs to open local businesses…and on and on. Now that’s synergy!
Conclusion For all of the opportunities to profit in this life, broken hotel to affordable workforce housing conversions offer one more benefit. And that benefit is reserved for investors in projects such as these. This opportunity is the one that allows investors to do well by doing good. Coincidentally, those are the words that Maxwell Drever has lived by for the entirety of his career.