Many business models have had to change in this past year, and the hotel and hospitality industry is no different. As a tourism destination known the world over, Florida has thousands of hotel properties, and right now, many are at low capacity.
While the industry will recover, timing is uncertain, and many investors are considering what other options they have, especially in the boutique hotel space. Rather than putting money into hotels, some are looking to shift direction and convert existing boutique hotels into multi-family living units.
From hotel to home? Yes!
Hotel properties tend to have a lot of things working in their favor, especially as candidates for multi-family living.
For one, their locations usually are fairly accessible, as travelers want to be close to amenities and with easy access to other well-loved destinations.
Moreover, good properties are already equipped with strong “bones” in terms of some of the building’s structural features, accessibility requirements, and may ideally already be meeting some important code requirements. Many hotel properties also come with shared common areas, such as pools, fitness centers, business centers, and other meeting spaces, which would be welcome to tenants in a rental property.
Yes, renovating existing hotels makes sense, and the demand for multi-family housing is continually on the rise in South Florida. Units are getting snatched up quicker than they can be built.
If you’re considering ways you might capitalize on this opportunity, come talk to us about how a renovation could transform your hotel into a new home for families. Our team has completed numerous hotel and multi-family construction builds here in South Florida and have the experience to bring your vision to life. Contact us at Seacoast Construction to take the next step with your project.
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