Breathe New Life into an Old Commercial Property
One of the hottest trends in the hotel industry is repurposing buildings for hotel use. Transforming existing buildings makes economic sense and can enhance the guest experience. Many building types are appropriate candidates for conversions to hotels, but the most opportunities are discovered in office buildings. According to CBRE, there currently is more than a 17% vacancy rate in office buildings, the highest vacancy rate since 1993. Developers are looking for different uses to breathe new life into these structures. If positioned in appropriate locations, hoteliers can creatively adapt these structures into hotels, including limited-service, full-service, and boutique hotels.
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