{"id":1004806694,"date":"2026-07-29T11:42:47","date_gmt":"2026-07-29T19:42:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004806694"},"modified":"2026-07-29T13:28:07","modified_gmt":"2026-07-29T21:28:07","slug":"unlocking-hidden-value-in-obsolete-hotels","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/unlocking-hidden-value-in-obsolete-hotels\/","title":{"rendered":"Unlocking Hidden Value in Obsolete Hotels"},"content":{"rendered":"\n
\"Outbound\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Following a period of extensive upgrades and renovations, Outbound Hotels opened Outbound Sedona in May. The company transformed the dining area of the former Poco Diablo Resort into an outdoor-focused experience. Image courtesy of Outbound Hotels<\/figcaption><\/figure>\n\n\n\n

If there\u2019s one asset class undergoing a generational shift due to changing consumer preferences and tight capital markets, it\u2019s hospitality.<\/p>\n\n\n\n

Even though the industry remains resilient overall, the 400- to 500-key full-service behemoths that once anchored downtown areas<\/a> and secondary markets have seen better days. And it\u2019s not just major flags that have been under pressure. Underperforming, undercapitalized hotels are in a tough spot across the board.<\/p>\n\n\n\n

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READ THE MAGAZINE<\/strong><\/a><\/div>\n<\/div>\n\n\n\n
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Rather than shying away from these past-their-prime properties, many hospitality investors are acquiring them because of their distressed nature, seeing ample opportunity for value-add renovations, rebrands or outright conversions to apartments<\/a>. Some have even built entire business lines around hotel adaptive reuse.<\/p>\n\n\n\n

Defining outdatedness<\/h2>\n\n\n\n

For hospitality investors targeting these assets, obsolescence is both a tangible and an intangible concept.<\/p>\n\n\n\n

\u201cIt\u2019s either not going to make sense functionally for what it was designed or built for any longer; it\u2019s in a location that can no longer take on the scope of people necessary to keep it afloat; or it has some physical or structural issue that needs to be addressed,\u201d said Kaunteya Chitnis, managing director of hospitality at Portman Holdings.<\/p>\n\n\n\n

In addition to deterring potential guests, out-of-date rooms, aging building infrastructure and obsolete amenities\u2014such as oversize ballrooms and dining areas\u2014can often trigger a hotel\u2019s removal from a franchise or system, which in turn can lead to steep revenue losses.<\/p>\n\n\n\n

\"Pinnacle\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Sage Investment Group transformed the former Port of Tacoma Inn into Pinnacle Apartments, a 93-unit workforce housing community in Fife, Wash.
Image courtesy of Sage Investment Group<\/em><\/figcaption><\/figure>\n\n\n\n

\u201cThat\u2019s significant downward pressure on value, because it\u2019s hard to replicate what Marriott would deliver to your location if you get kicked out of the Marriott system\u2014which does happen,\u201d reported Daniel Peek, president of JLL\u2019s Hotels & Hospitality Group.<\/p>\n\n\n\n

Still, investing enough to stay on brand is easier to justify in principle than in practice.<\/p>\n\n\n\n

\u201cIn a zero-interest-rate environment, you do a large renovation on one of these assets and it would still pencil,\u201d noted Eli Evans, principal of acquisitions at AWH Partners, a private investment firm that specializes in distressed hospitality investments. \u201cBut when the cost of capital is significantly greater, it makes it a much higher hurdle to try and get these things back into the ordinary stock of hotels.\u201d<\/p>\n\n\n\n

Conversely, a strong location, core building or market position can outweigh a property\u2019s shortcomings. \u201cEven though the guest profile has moved away from these hotels, these are solvable challenges if the land and its value are good, and they\u2019re in great markets,\u201d Evans added. \u201cEven if the bones are obsolete, there are developers and investors who can find a way around it.\u201d<\/p>\n\n\n\n

Buildings and brands<\/h2>\n\n\n\n

That assessment is often a good starting point for investors evaluating whether a hotel is a value-add opportunity, a redevelopment candidate or something in between. But what makes the most sense depends heavily on the property\u2019s unique circumstances.<\/p>\n\n\n\n

Take Chitnis\u2019 latest project, for example. In May, his firm, via its first dedicated hospitality fund, acquired The Westin Peachtree Plaza<\/a>, a 1,073-key full-service hotel in downtown Atlanta that Portman originally completed in 1976. At that time, it was the tallest hotel in the world. Half a century later, that alone isn\u2019t enough to keep guests booking rooms, particularly as the city prepares to host the 2028 Super Bowl.<\/p>\n\n\n\n

Following the acquisition, the company plans to upgrade guest rooms, meeting areas and other public spaces, with the goal of finishing the work before the big game. The Westin flag definitely matters, but Portman is also taking advantage of the property\u2019s place in Atlanta\u2019s skyline and history.<\/p>\n\n\n\n

\u201cDefinitions vary, but the way I see it is that this building would be very difficult if not impossible to build today,\u201d Chitnis said. \u201cThe brand is there, and a repositioning path would yield a great risk-adjusted return on the investment of renovating the hotel.\u201d<\/p>\n\n\n\n

\"Westin\"\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
The Westin Peachtree Plaza, a 1,073-key skyscraper in Atlanta, is about to undergo an ample renovation process, 50 years after it was designed and developed by John Portman Jr. Portman Holdings intends to revamp the hotel ahead of the 2028 Super Bowl.
Image courtesy of Portman Holdings<\/em><\/figcaption><\/figure>\n\n\n\n

While other hotels may not have The Westin Peachtree Plaza\u2019s stature or recognition, it\u2019s often a property\u2019s brand name or location that investors lean toward when making a value-add play. Encore Hospitality, the hotel-focused arm of Encore Enterprises, selects assets based on their brand, because it\u2019s a major selling point for capital partners.<\/p>\n\n\n\n

\u201cWe focus on Hilton and Marriott because lenders like those the most,\u201d shared Glenn Pedersen, Encore\u2019s president. \u201cThey\u2019re widely considered as having the best reservation and loyalty systems in the industry.\u201d
Through this lens, Encore evaluates whether a hotel can meet current brand standards around room quality and services through targeted upgrades to the building\u2019s infrastructure. According to Pedersen, the goal is to increase the revenue per available room to a given market\u2019s standard. The company also scrutinizes operations, with an emphasis on essential services over large ballrooms or extensive meeting spaces.<\/p>\n\n\n\n

\u201cWe\u2019re always looking at the revenue management and the food-and-beverage offerings, if there are any in the first place,\u201d he noted.<\/p>\n\n\n\n

A different kind of demand<\/h2>\n\n\n\n

Even though a brand name may work to the benefit of some properties, it can also be a drawback. This is especially the case if the asset is in that clunky 400- to 500-key range and lacks the selling points of more modern construction.<\/p>\n\n\n\n

The solution? Break a single, large hotel into multiple smaller concepts with different stay options.
\u201cHalf of the property could be a more flexible extended stay option like a Residence Inn, while the other could be a Courtyard,\u201d Evans noted. \u201cThis at least gives you two angles for your potential guests.\u201d<\/p>\n\n\n\n

Some investors get even more niche, leaning toward locally owned properties in smaller, tourism-driven markets.<\/p>\n\n\n\n

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We\u2019re not overbuilt, we\u2019re under-demolished. There\u2019s a lot of much older product that exists in the market today that probably wants to be something else.<\/p>\n\u2014Daniel Peek, President, Hotels & Hospitality Group, JLL<\/cite><\/blockquote>\n\n\n\n

Outbound Hotels, the hospitality arm of Waterton Residential, for example, focuses on independent resorts in outdoor-oriented vacation destinations. Many of these properties are at a generational crossroads.<\/p>\n\n\n\n

\u201cA lot of times, when we acquire these properties, they\u2019ve been transitioning from one generation to the next, where the younger generation might not want to put the requisite dollars into maintaining them,\u201d detailed Matthew Mering, the company\u2019s co-founder.<\/p>\n\n\n\n

\"Pensacola\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Encore Hospitality purchased Home2 Suites by Hilton, an extended stay hotel in Pensacola, Fla., with plans to renovate the property so it aligns with current brand standards.
Image courtesy of Encore Investments<\/em><\/figcaption><\/figure>\n\n\n\n

Due to this local approach, no two assets are alike. Outbound targets properties for a value-add operation based on their distinctions, and when the company upgrades rooms, lobbies, infrastructure and dining areas, the design choices are often highly localized.<\/p>\n\n\n\n

\u201cWe like interesting, quirky buildings, and we try to embrace the bones of a lot of these historic properties since travelers like authentic, unique experiences,\u201d Mering added. \u201cWhen you\u2019re staying at our property in Jackson Hole, Wyo., you want it to have a Western vibe to it. That\u2019s very different from the rooms in Stowe, Vt., which have more of a Northeastern, New England kind of aesthetic meant to attract skiers.\u201d<\/p>\n\n\n\n

When hotels become housing<\/h2>\n\n\n\n

Even though a value-add play can work under the right circumstances, many obsolete properties are too far gone to renovate.<\/p>\n\n\n\n

\u201cWe\u2019re not overbuilt, we\u2019re under-demolished,\u201d observed Peek. \u201cThere\u2019s a lot of much older product that exists in the market today that probably wants to be something else.\u201d<\/p>\n\n\n\n

Increasingly, that something else is apartments. According to the latest RentCafe<\/a> data available, hotels accounted for 37 percent of all commercial real estate types converted to apartments in 2024, with more than 9,100 units coming online. Office properties ranked second, accounting for 24 percent.<\/p>\n\n\n\n

The financials, alongside a lack of new studio apartment construction, certainly justify hotels\u2019 candidacy for conversion.<\/p>\n\n\n\n

\u201cIt\u2019s a much higher value when it comes to revenue vs. hospitality, in part because we can purchase these properties for a much lower cost than traditional multifamily,\u201d said Ross Hubbard, co-founder & CIO at Sage Investment Group, a company that specializes in hotel-to-multifamily conversions.<\/p>\n\n\n\n

\"South\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
The lobby of SouthPointe Apartments, aka SP10, a 104-unit multifamily property being developed by Caliber Cos. as part of the adaptive reuse of a 160-key hotel in Phoenix.
Image courtesy of Caliber Cos.<\/em><\/figcaption><\/figure>\n\n\n\n

To date, Sage has converted 32 hotels across six states to apartments, totaling 3,000 units. The firm typically targets garden-style and exterior-corridor hotels under 75 feet tall, usually in cities with a minimum population of 150,000.<\/p>\n\n\n\n

Core work includes replacing plumbing, electrical and fire-suppression systems, most of which can be accessed and upgraded from within the apartments. But the other half of the conversion process is all about residents\u2019 quality of life. Kitchens with full-size ranges, fridges and sinks, along with full bathrooms and closets, are common features. However, a truly successful conversion is often defined by unit size and how the property fits into the surrounding housing market.<\/p>\n\n\n\n

\u201cThe way you convert successfully is with a more holistic approach against the property,\u201d observed Chris Loeffler, CEO of Caliber Cos.<\/p>\n\n\n\n

Through a preferred equity opportunistic fund, Caliber is currently converting a 160-key hotel in Phoenix into a 104-unit multifamily community. By reducing the total unit count, the company plans to increase the size of the overall units to create a highly desirable product in the marketplace.<\/p>\n\n\n\n

The project is located near TSMC\u2019s $165 billion semiconductor manufacturing campus<\/a>, and is expected to provide housing for plant employees. It\u2019s this external demand driver that Loeffler believes will get the project across the finish line.<\/p>\n\n\n\n

\u201cPeople should be looking for big returns on these projects, because they\u2019re taking a big risk,\u201d Loeffler said.<\/p>\n\n\n\n

\"Westwater\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Rooms at Westwater Village, a former hotel in Olympia, Wash., that Sage Investment Group acquired for $15.5 million were converted into apartments at a 196-unit community, which opened in March.
Image courtesy of Sage Investment <\/em><\/figcaption><\/figure>\n\n\n\n

The most important audience<\/h2>\n\n\n\n

Regardless of a given property\u2019s age, brand or prior use, the end goal is to create an experience that feels as close to new construction as possible, a task that\u2019s often easier said than done.<\/p>\n\n\n\n

A developer\u2019s biggest obstacle may be inexperience, which contributes to their inability to get funding. Additionally, hotel conversions require technical know-how and the ability to work with local governments that may be wary of adaptive-reuse construction. But the most important qualification is not necessarily a track record of success with these projects but the ability to convince cities, lenders and prospective renters that the product solves a real need.<\/p>\n\n\n\n

\u201cThe cities are not in a position where they can tell you what to do or how to do it, but you can always propose to them what you\u2019ve done before and why that works,\u201d Hubbard advised. \u201cThey\u2019ll be happy to validate that.\u201d<\/p>\n\n\n\n

For investors today, obsolete hotels are tests of whether old hospitality real estate can be reintroduced to the market as something more useful, more financeable and, ultimately, more in demand.<\/p>\n\n\n\n

<\/div>\n\n\n\n

Read the August 2026 issue of CPE.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Aging hotels get a second look from investors\u2014with some reservations.<\/p>\n","protected":false},"author":3012,"featured_media":1004806728,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1521,21808,21751,21783,23891,45356],"tags":[],"class_list":["post-1004806694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital","category-featured","category-hotel","category-investment","category-national","category-rc-trends"],"acf":[],"yoast_head":"\nUnlocking Hidden Value in Obsolete Hotels - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/unlocking-hidden-value-in-obsolete-hotels\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Unlocking Hidden Value in Obsolete Hotels\" \/>\n<meta property=\"og:description\" content=\"Aging hotels get a second look from investors\u2014with some reservations.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/unlocking-hidden-value-in-obsolete-hotels\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2026-07-29T19:42:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-29T21:28:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/B_OutboundSedona_DiningArea_After_CreditOutboundHotels-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/unlocking-hidden-value-in-obsolete-hotels\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/unlocking-hidden-value-in-obsolete-hotels\\\/\"},\"author\":{\"name\":\"Gabriel Frank\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/cf1bfd2d6753f6ea305911ffd020862c\"},\"headline\":\"Unlocking Hidden Value in Obsolete Hotels\",\"datePublished\":\"2026-07-29T19:42:47+00:00\",\"dateModified\":\"2026-07-29T21:28:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/unlocking-hidden-value-in-obsolete-hotels\\\/\"},\"wordCount\":1938,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/unlocking-hidden-value-in-obsolete-hotels\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2026\\\/07\\\/B_OutboundSedona_DiningArea_After_CreditOutboundHotels-featured.jpg\",\"articleSection\":[\"Digital Edition\",\"Featured\",\"Hotel\",\"Investment\",\"National\",\"Trends\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/unlocking-hidden-value-in-obsolete-hotels\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/unlocking-hidden-value-in-obsolete-hotels\\\/\",\"name\":\"Unlocking Hidden Value in Obsolete Hotels - 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