Senior Living frequently follows the lead of hospitality properties.
A quality hotel asset may experience changes in its functional use as a lodging property due to many factors, including changes in traffic patterns, relocation or change of local business or industry. The existing building will typically be in good condition and have many remaining years of useful life, despite factors that may contribute to a decline in revenues. Senior living offers a meaningful re-purposing option for the property, and often significantly increases the value of the asset.
In today's competitive senior living environment, there continues to be a strong demand for congregate independent living for seniors with moderate income and savings. These seniors often seek an environment of lifestyle and convenience options, including social engagement, meal plans, laundry and housekeeping, allowing them to enjoy their later years in a comfortable setting free of concerns about maintaining a traditional household.
The hotel conversion to independent senior living model typically caters to a clientele with specific demographics and household incomes.
A hotel conversion to senior living often makes good sense to current and future asset owners. The infrastructure of the hotel already has many of the structural and life safety features in place, making the conversion cost effective. Depending on local market demand, a number of existing hotel rooms are converted to one and two bedroom apartments, and other hotel rooms are turned into studio apartments.
Hotels typically offer abundant meeting and group event space, which is easily adapted for special events and wellness related concepts. The hotel dining areas usually offer adequate seating for the overall room count, offering an easy transition for the senior living culinary program.
Assisted living communities typically requires closer attention to varying zoning, codes and regulations. State specific codes such as construction type often become deciding factors on the cost effectiveness of the conversion.
A detailed analysis should be completed for potential conversions. Canopy Lifestyles and our experienced industry partners are available to assist you with evaluating the varying options for re-purposing an existing hotel asset. Contact us today to learn more!