Worth going down the ski lodge conversion rabbit hole?

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Hi All,

My partners and I have been building new construction condos around Boston since 2015.

We've recently exited a couple of projects and are looking at acquiring both long term rentals and short term rentals.

My father-in-law owns a condo in North Conway, NH in the White Mountains and so I have an affinity for this area and see a lot of potential here despite all the rumblings with regulations.

One of the best ski mountains, Bretton Woods, has very little inventory within a 15-20 minute drive in terms of places to stay other than hotels and lodges. 

There are a few nearby lodges which were built in the 70's - very dated paint / decor inside and outside the building, no modern HVAC, etc. It seems these are now marketed towards the budget friendly crowd. 

One in particular I'm looking at is one contiguous building with a shared lobby and probably around 20 or so "rooms" they rent for about 130-150$ / night depending on the season.

My question is: Does it make any sense to use our construction expertise to go in and do a complete remodel of this building - perhaps knocking down walls to make more "suites" for Air-BNB, putting in kitchens, modern amenities, nice TV / internet, hot tubs, etc? 

I'm thinking of reaching out to some local contractors to get rehab pricing - would modeling the potential post-renovation cash flow be difficult for a unique project like this?