Hotel Conversions to Residential Use Heat Up

Rod Clough | April 12, 2023

By Rod Clough, Koby Kearney As economy and budget hotels are nearing the end of their economic life, some properties are finding new capital for renovations from buyers seeking to convert properties to residential use. We have compiled a sample list of hotels that have gone through this metamorphosis, illustrated at the bottom of this article. These transactions reflect the following range of prices per room. Price Per Key for Hotel to Residential Conversions Source: HVS We want to caution buyers, particularly municipalities that may not be savvy hotel buyers, not to overpay for these assets, as these dated hotels should be avai...