TRENDING
CONVERTING REAL ESTATE Maalouf is a brand leader now but his background in commercial real estate allows him a perspicacity over the market . Consider office buildings , which went dark during COVID and have yet to fill up thereafter , especially in urban core markets . It may never attain its prepandemic normalcy and the trend has already left some landlords defaulting on their loans . However , conversion from office to hotel is easier said than done . “ It ’ s hard ,” he said , alluding to the design obstacles , such as large floor plates and bathrooms and elevators in the center .
“ What you need for hotels are independent units , with their own bathrooms , with their own HVAC . That ’ s why going from residential to hotel is much easier .”
Office-to-hotel conversions are going to happen , Maalouf said , “ because the demand for office is clearly shrinking around the world .”
A guest room at the Yours Truly DC , Vignette Collection .
Beyond development , Maalouf carries optimism for the future of hospitality , banking on a continuance of traveler demand despite a contrail of inflation and
higher interest rates . And , relative to air travel , hotels are still a great value . “ Look at where the airlines have driven their fares ?” he said . “ Hotels are the bargain , right ?”
20 hotelsmag . com May 2023