The pandemic outbreak hasn’t been easy for anyone or any industrial segment worldwide explains Maxwell Drever. And it has made the state, and corporate buyers realize that the scope of property investment conversion amongst the hoteliers in the United States is high. Today, these hoteliers are trying to make the best possible use of their properties.
For several years, the stakeholders and the buyers have looked upon earlier hotels and vacant properties as a medium to obtain a ready-developed building, which can be used for multiple purposes. When converted, the properties can get used as assisted living, condominiums, and even student accommodations. However, currently, the need is that of affordable workforce housing spaces.
Maxwell Drever says many developers and hoteliers have converted a hotel into an affordable housing unit. And that has helped a vast section of society. And investors have always shown interest in investing in assisted living or the affordable workforce housing units because it has a use and purpose for a huge section of people.
The pandemic and hotel conversions
If you follow the news, you will realize that the pandemic has resulted in the mass conversion of old hotels and empty properties into affordable housing units. Today, the alternative-use investors based out of the United States are increasing the cost to 35% more than the conventional levels. And a look at the experts’ analysis, will reveal that the total market value of the properties that got sold for such transformations and renovations for the coming five years will be anything between $25 and $30 billion.
Why are hotel owners counting on Drever and Galen?
Converting an old or broken hotel, motel, or other vacant property into affordable workforce housing takes time. More than that it requires a certain vision and in-depth knowledge that will make sure that the project gets implemented correctly. It should do justice to the funds of the investors and also cater to the requirements of the target audience, who would benefit from it. And it is for this reason, most hotel owners are counting on the expertise that Galen and Drever have to offer.
They have an in-depth understanding of the real estate market and know how the housing crisis has shaped today and will be in the coming years. They have the necessary expertise to guide the hotel owners about the conversion process to correctly transform their property into a housing unit for low-income families.
That is not all! It is necessary to understand the need that low-income families have. It is very different from the ones who seek lavish housing. It is here that Maxwell Drever helps the hoteliers with his experience and insights. The people who belong to the low-income group want an accommodation that is safe and caters to their basic needs. These people don’t want to pay half of their income as house rent. They want a low-cost housing unit that will enable them to stay secure, work well and lead a balanced life.