The pandemic has adversely impacted the world and the global economy. It has also impacted various industry sectors. One of the sectors that got severely impacted by the pandemic outbreak is the hotel industry. Due to the sudden global travel and tourism reduction, the hotels started recording almost zero occupancy rates. As a result, the sales had gone down massively. It has compelled several hotel owners to shut down operations for a long time. However, as the world is gradually moving towards normalcy, the hotel owners aren’t confident whether they will reopen a few of their properties.
Why this sudden change in the decision?
Every industry vertical globally takes time to revive its profit levels in the pre-pandemic bracket. However, that will take some time, based on each industry’s loss. According to the latest reports, the hotel industry will take about three to four years to reach that level. Hence, the hotel owners are in two minds about reopening their profits.
But that doesn’t mean that they will keep their properties idle. It is necessary to put it to good use to generate some revenue, which can increase later. In recent times, many hotels got converted this way. It is here that hotel owners have decided to transform their properties into low-cost housing units for the workforce population. It is not just a philanthropic but also a business move! And not only will this resolve the current housing crisis, but it will also create employment opportunities. And to get this done effectively so that it benefits the society at large and the hotel owners, they depend on the guidance and insight provided by Galen and Maxwell Drever.
How do Galen and Drever help?
The process of a hotel conversion might look easy and exciting on paper. But it involves meticulous planning and crucial decision making. For instance, a hotel owner must assess the property value before they decide to hand over the hotel to a developer for converting it into an accommodation unit for the labor force population.
That is not all. The workforce population requires primary households with facilities that will enable them to live a balanced life. Hence, the hotel owners should get in touch with expert interior designers and architects who can transform the hotel so that they don’t need to spend more than the decided amount to change it into a budget accommodation for low and middle earning families. They also need to check the market trends and study the affordable housing sector before making any final decision.
Furthermore, Galen and Maxwell Drever also mentor the hotel owners about the ways to deal with the investors and the developers so that they get interested in the project. It is also necessary to invest in the correct project awareness management so that people get to know about it, show interest, and make relevant contributions. The hotel owners receive from these stalwarts in this regard and other matters as well.