The lodging industry is still facing various challenges amid the COVID-19 pandemic. Being a people-centric, travel-dependent industry, it's without a doubt that hotel owners and investors are starting to think more strategically about where the future of their assets lies.  

The spotlight has recently been on hotel conversions, which refers to the redevelopment or conversion of a hotel to an alternative asset type. Although this was rarely top-of-mind for investors and potential buyers prior to the pandemic, it's quickly gaining attention, especially for non-traditional hotel investors looking to diversify their portfolios and capitalize on new opportunities. 

Converting properties to alternative asset types, such as an office building or multi-family property, can enhance investment returns or reduce risk exposure, if analyzed and executed properly. If you're an investor and wondering if a property is convertible, ask yourself the below questions before committing to redevelopment: