Extended stay Hotel/Apartment
I'm looking into purchasing a property that is being marketed as an "Extended Stay Hotal/Apartment". I was looking into multifamily apartments, but this one popped up. All of the tenants are week to week and pay in advance. All of the units are fully furnished. My question is, are there any major differences between operating a Hotel or an Apartment? Is this a Hotel or Apartment? Rent for the area is around 600-700/month, but there records show they consistently get around $225/week, which appears to be much better returns. I know cleaning will be hire since you presumably have higher turn over, but I'm just not sure what else to consider. Any thoughts? Should I just convert this to year lease apartments, or keep it as is?