In May 2021, NAR published a report entitled: Case Studies on Repurposing Vacant Hotels/Motels into Multifamily Housing. In 2020, the hotel occupancy rate plunged due to the COVID-19 pandemic and subsequent lockdowns. Even as the demand for lodging recovers with the return to normalcy, stiff competition from short-term rental providers will continue to challenge the viability of the lodging industry. On the other hand, there is an acute undersupply of housing. One obvious adaptive reuse of vacant hotels/motels is for multifamily housing.
Check out the full report HERE