2020 has been a challenging year for the world. And the pandemic outbreak affected the hospitality sector to a great extent, but now there seems to be a silver lining. Even though the pandemic has changed the way this industry works, several hotel owners have taken a break from exploring various scopes in the monetary domain. Instead, they are evaluating their performance and are moving beyond the crisis by making use of honest feedback and reviews. And while reviewing the choices, they got interested to explore a few scopes for responding in this pandemic situation favorably. The hotel owners are becoming alert with the issues that humanity is witnessing today.
The problem of the absence of affordable housing
Maxwell Drever says that one of the potent problems of society today is the lack of affordable housing. And even though this issue concerns low-income families mainly, but still, it is part of the entire economy and society. Today, this crisis has become global and have provided the hotel industry the impetus to transform their structures into affordable housing. And for these initiatives, the hotels have also received funds from various federal programs. In fact, it was a crucial part of the latest budget.
Today, the conversion of broken resorts and hotels to rental apartments has become the latest trend. And it doesn’t just resolve the issue of affordable workforce housing, but it also helps the hotel owners to get some revenue. Also, today several experts have shared multiple insights and suggestions to help the hotel owners discover various scopes in such conversion projects.
Affordable workforce housing can enable to increase the asset value
By now, the issue of affordable workforce housing has morphed into different forms. The concept of affordable housing is not just a solution for middle- and low-income families but can also help high-income families. It attempts to bring down the risk as well as divest profitability, and it helps to add to the asset value. The world today is trying to move on to the next-normal phase. And as a result, there is pending demands that various sections of the society have. And since the housing costs are increasing, there is an acute need for low-cost housing for the workforce section.
The latest real estate reports suggest that social and affordable housing is what most people need now. And multiple governments (national and international) have come up with various programs to address this issue with an attempt to remedy it. Also, the federal governments are all set to invest in affordable housing initiatives and finance multiple projects to enhance access to various housing estates.
An act of corporate social responsibility
Maxwell Drever reiterates that a hotel is a brand that needs customer goodwill and a favorable reputation. Hence, when owners of broken hotels and resorts decide to hand over their property to a developer and create an affordable workforce housing unit, they are also planning their corporate social responsibility initiatives. It enables the brand to earn a good reputation, which will translate into increased revenues in the years to come. Also, it enables them to put their property into use which was otherwise becoming redundant because of the after-effects of the pandemic.