CRE Companies Put Old Hotels to New Uses

If you find yourself with a batch of lemons, the wise move is to make lemonade.

What if you’ve got hotel properties in a down hospitality market? Luckily, you’ve got some choices.

For example, California-based Vivo Living, which turns hotels into multifamily properties, announced at the beginning of September that it opened its tenth “boutique efficiency apartment” complex. They come both furnished and non-furnished. Such hotel standards as free Wi-Fi, lounge areas, pools, and gyms become amenities. The company claims more than 1 million square feet of properties with more than 10,000 apartment units.