Business & Finance

Maxwell Drever highlights guidelines for the conversion of hotels into affordable workforce units

With the global pandemic outbreak, national and international companies have executed ways to curb the virus spread. And several factors impacted all aspects of the world economy. There was social distancing, subsequent lockdowns, and restrictions on travel. The hospitality sector also got adversely affected.  The resorts and hotels didn’t receive the number of footfalls and occupancies they did during pre-pandemic times. And because of this, there has been an interesting phenomenon. Today, the hotels and resorts are getting converted to affordable housing units for people in the middle-income bracket. It is the need of the hour! Maxwell Drever says that efforts are being made from all over the globe to provide a home to the needy section of society through affordable housing units. But this conversion process is challenging, especially when a hotel needs to get converted to an emergency shelter. 

Hotels that are affordable housing estates today

The pandemic outbreak made several sections of the society go homeless. The virus infection didn’t just impact human health but their entire lives as well. Hence, there was an acute need for emergency housing units. Close to 30% of people globally have faced homelessness and therefore, the hospitality domain and its associated agents have been taking initiatives to offer them adequate housing facilities to live securely. This rapid revamping of shelter zones led to unoccupied spaces. However, the initiatives for integrating, coordinating have had an optimistic effect on the greater part of society. 

The conversion of hotels into housing units

Once you browse online, you will find that hotel conversions to affordable housing units include several aspects. To offer individuals safe and reasonable housing, the hotel owners must transform the overall structure. The problems seemed to have increased for the owners of broken properties. It’s because converting such properties is a risk.  Maxwell Drever says that they attempted to pursue various avenues for offering people affordable housing units as the developmental strategy. They also attempted to avoid the deficit and depended on the existing structure. Even though the conversion process appears simple, it has its challenges. Today, approximately $33,000,000 got spent on the conversions from the emergency funds. The objective was to remove homelessness from the vulnerable sections of society.  If an investor wants to convert a hotel to a housing unit, it is necessary to change the existing structure. The ideal way is to move over the flaws and to offer people a “home-like” ambiance. The majority of the homeowners concentrated on accommodation capacity, emergency requirements, affordable rent, and availability of electricity.  Therefore, one can say that the pandemic brought a crucial lesson. People got to understand the importance of having a house. Had the affordable housing estates been absent, it wouldn't have been possible to provide shelter to the homeless individuals. Furthermore, the hotel owners have come up with multiple strategies for taking a good step to ensure that people get better institutional, organizational, and regulatory environments. Every person requires a home. And the initiatives to provide it are essential.

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