How to Successfully Plan Motel to Lifestyle Hotel Conversions + Group Q&A

In this episode, we dive deep into the complexities and opportunities of converting older mom-and-pop motels into modern, vibrant lifestyle hotels, particularly in resort areas. 

We discuss the importance of understanding the market, creative financing options, successful case studies, programming and amenities, renovation scopes and plans, and risk management.

Additionally, we cover listener questions on negotiating deals, alternative financing methods, and enhancing the online presence of independent hotels.

Connect & Invest with Jake:

Follow Jake on Twitter: https://twitter.com/jwurzak

Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/

Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo

Topics:

(00:00:00) - Intro

(00:02:17) - Converting Motels into Lifestyle Hotels

(00:04:02) - Case Studies of Successful Conversions

(00:08:53) - Market Considerations for Hotel Conversion

(00:16:48) - Programming and Amenities for Modern Motels

(00:19:19) - Renovation Scope and Design Tips

(00:23:41) - Underwriting and Financial Considerations

(00:30:06) - Q&A Session: Institutional Buyers and Revenue Potential

(00:37:32) - Understanding Commission Structures in Hotel Bookings

(00:37:50) - The Importance of a Compelling Website

(00:39:16) - Leveraging Social Media and Influencers

(00:41:40) - Outsourcing E-commerce and Revenue Management

(00:42:25) - Challenges with Hotel Websites

(00:46:47) - Negotiation Strategies for Buying Hotels

(00:55:38) - Alternative Financing Methods

(00:58:46) - Converting Motels to Multifamily Units

(01:01:51) - Boutique Hotel Renovation Costs

(01:06:41) - Networking and Financing in Hospitality

(01:09:53) - Closing Remarks and Podcast Information