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The pandemic has significantly slowed business travel, which has battered the hospitality industry, especially hotels.
And with business travel not expected to return to pre-pandemic levels until 2025, many hotels continue to experience near record-low or below-average occupancy rates, forcing some to close.
But developers who see opportunity where others see despair are snatching up shuttered hotels and converting them into apartments.
Although the practice began a few years ago, it blossomed during the pandemic.
A former downtown Hartford hotel that closed and shifted to apartment rentals last year because of the COVID-19 pandemic could be getting a $1 million facelift.
The owner of the Bond Residences on Hartford's Asylum Street plans $1 million in renovations to put the building’s recent past as an extended-stay hotel behind it and carve out a new place in downtown’s apartment market.