Veena
Last Updated on June 24, 2024 by Team Experts
The hotel and lodging industry struggled greatly during the pandemic as the travel restrictions, and social distancing ruined everything. When the small and budget hotels were screaming for help then, converting these commercial spaces into affordable housing units was the only ray of hope. Many pioneers like Maxwell Drever explain what it takes to transform a broken hotel into affordable workforce housing. With inflation rising, soaring unemployment, increase in homelessness – other problems erupt as a chain reaction. Petty thefts, mugging, and begging are some to mention that arise from homelessness. The best solution was bringing the two struggling situations and converting them into one solution – affordable dwelling in commercial spaces.
Making the smart choice – simple approach to provide reasonable homes
Identifying the right hotel and motels that are underutilized during the slumping economy. Only those broken and unoccupied hotels have opted, which desperately need business and have the potential for refurbishment. Due to the restrictions, more than 45% of the lower-scale hotels suffered total inoccupancy during the past two years.
Location of the hotel is critical, and therefore, always those commercial spaces opt for conversion, which is in a strategic place in the developing city centre areas. You cannot convert a broken hotel to the city’s outskirts – accommodating working families will not sort the problems. Hence, lodging services near factories, workplaces, office buildings will fetch more sensible housing units for working people.
The conversion of budget hotels may require some essential modifications like remodeling rooms, providing better plumbing, installing heating solutions, and demarking the spaces for every family. The hotels’ communal areas get improvements that become open spaces for the children to stay active. Some motels may offer in-house bath/toilet; however, some may only provide common washing areas – these kinds of alterations are a must.
Some hotels convert the restaurants into a communal dining area with access to the kitchen for basic cooking. At the same time, some motels offer essential kitchen equipment in the room itself that becomes easier for the working individual.
Opportunity for investors
Many private real estate companies are interested in venturing into this initiative as this is one of the growing investment options. During the pandemic, even the real estate industry sunk, and therefore, this has potential business opportunities for the construction industry. Even contractors like electricians, plumbers, and building workers get a job when the hotels transform into housing units.
The wrap-up
The whole idea of the government is to maintain exceptionally low rentals or offer sales at very reasonable prices to encourage more and more families to benefit from this project.
Speaking of the examples, only in California, more than 120 sites underwent significant modifications to provide more than 5900 affordable housing solutions to low-income and homeless people. The program targets offering homes to at least 80% of the street dwellers by the end of 2025. Maxwell Drever explains what it takes to transform a broken hotel into affordable workforce housing – perfect strategy, right location, compassion for housing facilities, and primary refurbishment resources.
