We're FINALLY Making Progress on This Hotel
Key Takeaways: The hotel renovation project is facing several challenges, including dealing with the historic nature of the building, unexpected issues like water leaks and structural problems, and high costs for things like the pool and electrical work. The team is working to preserve the character of the historic building while also modernizing it and making it functional for a boutique hotel. There are a lot of details and coordination required for a project like this, from managing contractors, to dealing with inspectors, to planning out the layout and amenities like the pool and bar. The project is over budget in some areas, like the pool, which is costing $400,000, which is about 10% of the total $5 million budget. Overall, the conversation highlights the complexities and challenges of renovating an older, historic building into a modern boutique hotel.
From "The Commercial Real Estate Investor Podcast"
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