TF Management Group, a private real estate investment fund management company, will promote deeper investment in hotel to multifamily conversions as part of its funds allocation strategy that started in 2020 and continues in 2021.
“These conversion properties are offering excellent profitability for investors,” explained Mike Zlotnik, TF Management Group LLC CEO. “But they’re also the type of investment that serves communities hard hit by the pandemic.”
Demand for hotels has nearly collapsed during the pandemic. Oxford Economics cited an estimated $519 billion in lost revenue for the travel industry as a whole.
Meanwhile, the demand for affordable housing is at an all-time high. With vacated hotels standing on valuable property, more municipalities are encouraging redevelopment projects.
“The ever-present need for affordable housing has been especially exacerbated by the pandemic, as many people find their livelihoods impacted,” said Yuriy