Hotel to condo conversions

7 Replies

Is there much of a profit margin available for converting old hotels into condos? I was at a motel recently, and thought to myself how great it would be to turn this thing into a condo building.

Does anyone have experience with this? Does it happen often?

Sam

There is money just as long as your acquisition costs, hard & soft costs allow you to make a profit at the end of the day. You also have to file for a condo map (usually approved by the Atty Generals Office in most states). You will have some lead time also, so you have to be able to sit on the deal unless your buying something with the condo approvals in place.

Michael -

So these conversions occur often? I see warehouses converted all the time into lofts, but I've yet to see a motel conversion, personally.

I live in CT and there's an empty hotel that is supposedly being considered for this type of project. How do they usually layout the insides of these things, a hotel room is rather small compared to a condo. Do they typically turn multiple rooms into each unit? I wonder how it would work out turning a hotel into efficiency apts rather than condos? The place by me is in Hartford right on Constitution Plaza if you know the area. It would be a prime spot for nearly any sort of office building, etc. I'm sure someone is looking to do something with it.

Sam-
I myself have always wanted a warehouse for myself as a place to live, they have a lot of potential to be something really interesting. I have an addiction to large fish tanks and the concrete floors are certainly very useful for people like me that are planning on putting thousands of pounds of water in their living space.

Sam,
If you come across a project give me a call I have lenders we do billions with salivating for condo conversion deals.

Jaime S. Fernandez
Mortgage Consultant
Meridian Capital Group, LLC

This post has been removed.

Jeff, what would the hotel vacancies and seasons have to do with the final piece of the puzzle, a condo complex?

It seems as though that information would be irrelevant if you're converting a hotel into a condo, no?

This post has been removed.

Join the Largest Real Estate Investing Community

Basic membership is free, forever.