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.