The pandemic outbreak hurt several business sectors. The occupancy rates went down rapidly when it came to the hotel industry says Maxwell Drever. And soon the hotels across the United States started experiencing enormous losses. And since the virus was spreading rapidly, there were ample measures to flatten the virus curve. For this, there were travel restrictions and also social distancing norms that implement. And that made the hospitality business suffer to a great extent, where recovery seemed to be like a distant hope.
Even when the resorts, motels, and hotels got adversely affect, there was a brighter side amidst all this chaos. Maxwell Drever says that some of these hotels were getting converted into low-cost shelters or accommodation units for people with very low earnings. And since the housing crisis in the United States is an acute reality, this mass conversion of hotels seemed like a solution to an urgent housing need. Also, this process had targeted a vulnerable segment of our society. And today, more such property owners are coming forward so that they can transfer their property to the hands of expert developers and real estate agents who can transform the hotel into a secure and affordable housing option.
The initiatives that are required for this massive conversion process
It is never easy to transform a hotel into an accommodation. And when the real estate agents and developers have to work on a damaged or broken hotel, the challenge is a notch higher. The initial phase of this conversion is to stabilize the current property and make it ready for the basic conversion work. And right after this, it is essential to start the restoration process by assessing the property’s facilities and examining its ceilings, interior walls, mechanical systems, and fixtures. Based on the structure’s current condition, they get demolish or renovated.
It is essential to repair the fire escapes, doors, windows. And other parts of the property to cater to the current standards of the municipality. It is also necessary to create new insulation and wall. That can creat after the essential repair work is over. And once the structure assumes the form of an affordable housing complex. Then it’s essential to install the drywall on all structural levels.
According to Maxwell Drever, several old buildings are apt for necessary tax breaks because they are considering ancient structures. And the financial advantages that follow from such credits can immensely enhance the property value. And while the expense of offering such refunds to the small communities might appear to be prohibitive. The added revenue created by the sea of taxpayers usually offset the cost.
Finally, it is essential to overcome several crises that come in hotel conversion. The task is not easy. It will take ample patience and time for the developers to pull through the project. However, with the correct assistance from the government. Such an initiative can become successful and provide shelter to many people who need it.