NYC Hotel Conversions Surge, Thousands of Apartments Coming
Scale and Efficiency of Hotel Conversions The rapid transformation of New York City's hotel scenery is reshaping urban real estate. Hotel conversions are on the rise with 27 active renovation projects affecting 8,288 rooms by mid-2025. These conversions represent the city's response to the growing need for effective space utilization; notably, the extended-stay segment dominates the pipeline nationally. This development bolsters New York’s standing as a key player in the national trend. Conversions typically take about half the time compared to new constructions. In Charlotte, there is a similar trend where adaptive reuse projects, such as converting office spaces into life sciences and flex-tech spaces, are gaining momentum. A case in point is the Baisley Pond Park project, completed in a swift 19 months for 318 units. This efficiency positions hotel conversions as an effective response to the city's numerous hotel room closures. By providing new residential units quickl...