A new life for hotels : adaptively reusing limited service hospitality properties as workforce housing

This thesis examines the potential for reinventing an existing asset class -- limited service hospitality properties -- as new workforce housing properties. Due to the cyclical demand profile, modest price points, and relatively fragmented ownership of limited service hotels in the United States, these properties often escape the attention of highly sophisticated investors and developers. Furthermore, as relatively low margin businesses, many of the properties are visually unappealing and have significant deferred maintenance needs. Coupled with this dynamic is the fact that the United States is facing a nationwide housing crisis and suffers from a structural shortage of affordably priced housing alternatives. This thesis examines the economics of limited-service hospitality assets; the growth of workforce housing as a residential asset class; and the potential for redeveloping legacy hospitality properties into new workforce housing. In order to supplement the aforementioned macro and secular analyses, this thesis also includes a case study of the redevelopment of an antiquated motel in Oceanside, California.

Name thesis:degree_name

Master

Department dc:contributor.department

Massachusetts Institute of Technology. Center for Real Estate

Grantor dc:publisher

Massachusetts Institute of Technology

Year dc:date.issued

2020

Author dc:creator

• DeWees, Eric(Eric R.)

Advisor dc:contributor.advisor

• Jen Cookke.

• Center for Real Estate. Program in Real Estate Development.

Statement dc:rights

• MIT theses may be protected by copyright. Please reuse MIT thesis content according to the MIT Libraries Permissions Policy, which is available through the URL provided.

Licence dc:rights.uri

• http://dspace.mit.edu/handle/1721.1/7582

Language dc:language.iso

eng

Handle dc:identifier.uri

https://hdl.handle.net/1721.1/129102

OAI identifier oai:identifier

oai:dspace.mit.edu:1721.1/129102