Motel/Hotel Conversion in and around Metro Denver

[Richard Libutti]

Hey there, 

My name is Richard and I have been in Denver for about 1 1/2 years, by way of Miami, Florida. I have multifamily properties in Miami, and am looking to expand here. With that being said, the multifamily scene here has not gotten my attention, mainly due to low returns, hence little to no excitement or upside to move forward now.

As for why I am here and as the title says, I am exploring motel/hotel conversions to multifamily/micro units. These would be ideally targeting tenants with Section 8 vouchers, although I would be happy to explore other tenant bases (students, employee classes...i.e. pilots etc.). 

I have done some research, including local assistance, tax benefits, etc., but haven't quite pushed further as inventory for motels seems limited. 

In any event, figured I would introduce myself, and get my vision in front of some local people. If anyone has any experience in the area, or could direct me to contractors, brokers, etc. that would be greatly appreciated. 

Thanks, 

Richard 

[Yuri Woitscheck]

@Richard Libutti - Welcome to the area! Another area to expand the search is South Broadway in Englewood. I live down in that area and there are many small beat up motels that could be converted in this manner.

I'm new to REI so don't have a deep take on your particular type of strategy but happy to provide any insight about the aforementioned area and point a few places specifically out.

Good luck!

Yuri