Home » Blog » The Promising Role of Maxwell Drever in Transfiguring Hotel Rooms into Affordable Housing Units

The Promising Role of Maxwell Drever in Transfiguring Hotel Rooms into Affordable Housing Units

The hospitality sector in general and hotels, in particular, were negatively impacted by the COVID-19 pandemic explains Maxwell Drever. Hence, the alternate use of these properties into a multifamily rental estate has gained immense popularity. There is a growing trend of transforming hotel rooms into housing units. Now, why is that so? The conversion has taken place during the struggle of the workforce population to get shelter.

These families and young individuals migrate from the rural to the urban sector in search of job opportunities every year. Their meager income and growing expenses add to their struggle to survive. In such a scenario, owning a property is like a dream they can never achieve. In such a state, renting a housing unit that falls within their financial capacity is the only option left. These low-income households were on the verge of homelessness when their wages went down, and most of them got fired. With this background, the conversion process of hotel rooms into multifamily housing units has impacted the economy.

However, the conversion process is not devoid of challenges. These concerns about the transformation hold back investors and real estate owners from these projects. However, eminent personalities like Maxwell Drever have broken down the challenges and made the process of conversion hassle-free. These nurses, teachers, firefighters, and construction workers have been encountering a hard time finding housing close to their service and employment area. Hence, the conversion process becomes an inexpensive option rather than starting a new construction of household units.

Hotel conversion is more economical than new construction projects

As pointed out earlier, starting a new construction is a costlier affair than hotel conversion. Consequently, in the hospitality sector’s predicament, investors and developers are financial distress, finding a cheap alternative to building these units. Affordable rental and workforce housing development projects are costly because of restrictive zoning, high-priced area, building codes, and other aspects. Hence, conversion on a large scale has provided affordable rental houses to this workforce population.

Government and non-profit organizations have also engaged in the conversion process by providing easy access to land and loosening different federal policies. It is perfectly suitable for the conversion process and has boosted the project. For this, proper planning and its due execution are necessary. The conversion course is not a one-day activity because it requires planning at different stages, speculates Maxwell Drever. Moreover, getting hotels in and around the industrial area is a challenging affair. The conversion procedure is the second step.

Employ hotel expertise and assessment firms

Since the conversion process is full of challenges, an assessment by experts is critical for the planning of these commercial estates. Moreover, experience and expertise are vital for these projects to avoid challenges getting in their way. Further, governments will have to determine the feasibility of the conversion process and successfully navigate building codes, stringent zoning regulations, and other requirements.

Developers, property owners, and real estate owners must play a vital role in the conversion process. From market feasibility to zoning analysis and appraisal, they have to take care of all. Hence, multifamily projects will then come into being after determined efforts.

Leave a Reply

Your email address will not be published. Required fields are marked *