Company turning New Braunfels hotel into small apartments
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Apartments at the Ramada Inn that Vivo Living is converting will rent for $800 to $900 a month.Kin Man Hui /Staff photographerShow MoreShow Less
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CEO Dan Norville of Vivo Living gives a tour of the former Ramada hotel in New Braunfels.Kin Man Hui /Staff photographerShow MoreShow Less
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The pool deck in the center of the complex will be resurfaced and surrounded by new furniture and umbrellas.Kin Man Hui /Staff photographerShow MoreShow Less
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Vivo Living is in the process of renovating rooms at the hotel, which will be rented as studio apartments.Kin Man Hui /Staff photographerShow MoreShow Less
Empty Hotels Get Second Life as Tiny Apartments During Pandemic
Developers are converting closed hotels and motels into housing, aiming to offer affordable units in hot markets with high rents
Real-estate company Vivo Living is turning a former Ramada Inn hotel in Mesa, Ariz., into apartments. Photo: Vivo Living By Dec. 22, 2020 5:30 am ET
Investors are buying hotels and turning them into rental apartments, in the latest sign of how the Covid-19 pandemic is changing the American real-estate market.
These buyers are trying to take advantage of the hospitality industry’s crisis by taking over struggling or foreclosed properties at bargain prices. They are also looking to profit from rising demand for cheap housing from households forced to downsize during the recession.