I am in the hotel business and let me tell you why your banquet hall will have a hard time competing.

The property has the ability to use a hotel liquor license which can be renewed for $7,000.00 where a new liquor license in the county normally costs $250,000.

Once we even did a complete overhaul of an apartment in a week and simply moved the family to a hotel during that time and their belongings into a storage pod.

Run it like a  boutique hotel and you will crush it.

North Lake Tahoe/Truckee has a few small hospitals but my sources have informed me that the hotels are actually offering discounted nightly stays for essential workers already, so I wouldn't plan on getting much traction with that group of potential customers. 

It is probably better to just get a hotel when you want to visit Chicago.  

@Brian Flounders  You might want to check with your Department of Real Estate, as a Vacation Rental might fall more under business laws than real estate, being more like a hotel, etc. and not be held to the Fair Housing laws.

We actually benefitted from it on the sale of our 50 unit and then pivoted to hotels for now.

With the Hard Rock hotel and Casino breaking ground, plus the residential development that they have planned for the area and the high speed rail coming I think there is still a lot to be had. 

This property was a "hotel" in the late 1800's.