We are deep into this development project and really starting to see some major transformations.

In addition to completing all the demolition work and new framing we have also completed the following items. Installing fire sprinklers, alarms, doors, windows, roof repairs, roof paint, metal repairs, plumbing, and electrical rough-ins.

👉 If you are curious about the advantages of converting a hotel into a multifamily property, here are some key highlights:

✅ Multifamily properties perform better through recessions than hotels.
✅ Converting a hotel to a multifamily property attracts long-term residents, families, and professionals.
✅ Unlike hotels, multifamily properties have more stable occupancy. Multifamily tenants sign long term leases, guaranteeing rental income.
✅ Multifamily properties have lower operating costs than hotels. Housekeeping, laundry, and other hotel amenities can be cut.
✅ Converting a hotel into a multifamily property can have additional benefits. These include tax incentives, grants, and financing to revitalize underutilized or historic properties.

👉 It's important to remember that turning a hotel into a multifamily building involves a number of things, such as zoning restrictions, building code compliance, and possible changes to the layout of the property and floorplans. To make sure the conversion goes smoothly and successfully, it's best to talk to professionals like architects, contractors, and land attorneys. You can also partner with someone that has this experience like Elevate 😁