In the wake of the COVID-19 pandemic, hotel sale prices have taken a dive. Lucern Capital Partners is taking advantage by buying extended stay hotels at a discount and converting them to multifamily properties.
In the height of the COVID-19 pandemic, the travel and leisure industry experienced a severe dip in demand. That decrease resulted in a drop in prices for hotels. Lucern Capital Partners saw an opportunity in lower hotel purchase prices and acquired an hotel in Charlotte, NC to convert the property into a multifamily asset. Through Lucern’s value-add investment strategy, in-unit upgrades, external improvements and hands-on asset management, our team aims to increase cash flows for both the firm and its investors.