Want to own an apartment building? Buy a distressed hotel for pennies on the dollar

Real estate developers are buying distressed hotels for bargain prices and converting them to more lucrative and much-needed affordable housing.
The shortage of affordable housing is now critical: so-called Class C housing stock is now 96% occupied nationally and 99% occupied in the Midwest, according to RealPage, a property management software company.
The share of hotels currently behind on their mortgages rose to just over 18% in December, up from less than 2% a year ago, according to Fitch Ratings.


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