{"id":1004480716,"date":"2020-10-01T16:12:07","date_gmt":"2020-10-02T00:12:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004480716"},"modified":"2020-10-02T12:47:25","modified_gmt":"2020-10-02T20:47:25","slug":"hotel-sellers-meet-investors-with-vision","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hotel-sellers-meet-investors-with-vision\/","title":{"rendered":"Hotel Sellers Meet Investors With Vision"},"content":{"rendered":"<p>U.S. hotel occupancy has <a href=\"https:\/\/www.commercialsearch.com\/news\/rethinking-hotels-for-a-post-pandemic-scenario\/\">struggled to recover<\/a> from its April nadir of 22 percent. Occupancy reached 48.2 percent in the week ending August 29\u2014down almost 28 percent from the same period of 2019, according to data from STR. Demand for rooms actually declined over the previous week as summer comes to an end and leisure travel tapers off.<\/p>\n<p><a style=\"display: inline-block; padding: 5px 24px; border: 0; border-radius: 6px; font-weight: bold; letter-spacing: 0.0625em; text-transform: uppercase; background: #960505; color: #ffffff; text-decoration: none;\" href=\"https:\/\/mydigitalpublication.com\/publication\/?i=675845&amp;ver=html5\" target=\"_blank\" rel=\"noopener\">READ THE DIGEST<\/a><\/p>\n<div id=\"attachment_1004480719\" style=\"width: 1010px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/Hotel_Platos-Cave.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004480719\" data-attachment-id=\"1004480719\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hotel-sellers-meet-investors-with-vision\/hotel_platos-cave\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/Hotel_Platos-Cave.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Hotel_Plato&#8217;s-Cave\" data-image-description=\"&lt;p&gt;Development firm Repvblik says that its hotel-to-housing conversion project in Branson, Mo., is a \u201cgreat proof of concept,\u201d with robust demand and a waiting list of about 30 to 40 people for each new building that comes online. Image courtesy of Repvblik&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Development firm Repvblik says that its hotel-to-housing conversion project in Branson, Mo., is a \u201cgreat proof of concept,\u201d with robust demand and a waiting list of about 30 to 40 people for each new building that comes online. Image courtesy of Repvblik&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/Hotel_Platos-Cave.jpg?w=1000\" class=\"size-full wp-image-1004480719\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/Hotel_Platos-Cave.jpg\" alt=\"\" width=\"1000\" height=\"750\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/Hotel_Platos-Cave.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/Hotel_Platos-Cave.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/Hotel_Platos-Cave.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><p id=\"caption-attachment-1004480719\" class=\"wp-caption-text\">Development firm Repvblik says that its hotel-to-housing conversion project in Branson, Mo., generates robust demand and a waiting list of about 30 to 40 people for each new building that comes online. <em>Image courtesy of Repvblik<\/em><\/p><\/div>\n<p>\u201cThe hotel industry remains on the brink of collapse,\u201d the American Hotel &amp; Lodging Association concluded in a recent report, even as travel has ticked up.<\/p>\n<p>The <a href=\"https:\/\/www.commercialsearch.com\/news\/commercial-multifamily-mortgage-delinquency-rates-affected-by-the-pandemic\/\">ongoing crisis<\/a> has forced many hotel owners to sell their properties at a loss. A September report by Real Capital Analytics found that distressed sales accounted for 7.8 percent of all hotel sales in the U.S. during the second quarter, up from 2 percent or less in 2019 and the highest percentage of distressed activity among commercial real estate sectors.<\/p>\n<p>One solution to the industry\u2019s mounting pain is to sell properties to investors who can transform the property into a more successful use.<\/p>\n<p>One such investor is Richard Rubin, founder and CEO of development firm Repvblik, which specializes in turning distressed hospitality properties into affordable or workforce housing. The company is wrapping up the conversion of a mothballed 423-key Days Inn property in Branson, Mo., into a 341-unit affordable, workforce-targeted housing project called Plato\u2019s Cave, and has fully leased up the available buildings.<\/p>\n<p>\u201cThe demand has been amazing,\u201d Rubin said of the pioneering project, which offers efficiency and one-bedroom apartments at monthly rents ranging from $495 to $725. \u201cIt\u2019s really been a great proof of concept for us.\u201d<\/p>\n<p>Rubin currently has around 10 further hotel-to-housing deals in the works around the country, including a Ramada Inn conversion underway in Topeka, Kan.<\/p>\n<hr>\n<p><em>Sector Insights rotates among office\/medical office, industrial, retail, multifamily, self storage&nbsp;and hotel\/hospitality.<\/em><\/p>\n<p><a href=\"https:\/\/mydigitalpublication.com\/publication\/?i=675845&amp;ver=html5\"><em>Read the October 2020 issue of CPE.<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the lodging industry struggles, adaptive reuse is emerging as an option for distressed hospitality properties.<\/p>\n","protected":false},"author":744,"featured_media":1004480719,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1521,21751],"tags":[34006,35170],"class_list":["post-1004480716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital","category-hotel","tag-real-capital-analytics","tag-str"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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