With the housing crisiscontinuing unabated and hotel rooms sitting empty, people havespeculated about the potential of using hotels forhousing.
Repvblik CEO Richard Rubin thinksthere's going to be as much as 30% to 40% reduction in the askingprice of hotels. "You've got business hotels, and no one istraveling for business," Rubin says. "You've got affordable,recreational hotels, and no one is traveling forrecreation."
Apartment conversions are thoughtto be one path forward for hotels. "They can make very compellingcases in terms of the general bones to convert into apartments,"Rubin says. "Generally, we like to use the construction integrityof the existing structure and build within those four walls ifpossible."
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
