Today's Hotelier - October 2016 - 37

8.5-MINUTE READING TIME Do you have an innovative development or renovation idea to share with Today's Hotelier readers? Write to our editor at todayshotelier@naylor.com. DAPTIVE REUSE IS GENERally defined as the process of reusing an old site or building for a purpose other than that for which it was built or designed. Reconstructing an existing building whose most recent use was non-hospitality into a hotel can be an attractive development model for the hospitality sector, for both municipalities and developers. Today, many cities have prominent structures with a solid physical plant in excellent locations. These buildings can be an excellent fit for redevelopment through public-private partnerships. These projects help municipalities meet their urban planning objectives, spark economic activity and grow the tax base. The alternative often leads to a vacant building in disrepair and blight to the neighborhood. The municipality further benefits from the economic impact brought about by these projects. The construction itself creates jobs and ancillary expenditures to the local community. The new hotel creates many operating jobs and the guests visiting the hotel further stimulate local businesses such as restaurants and entertainment venues. PHOTO: MIKE PEEL (WWW.MIKEPEEL.NET). REAPING THE BENEFITS For developers, these projects provide substantial benefits. First, the opportunity to obtain locations within highbarrier-to-entry markets. Second, the potential to reduce the entitlement process and construction time since both the infrastructure and utilities already exist. Third, many municipalities offer economic benefits such as tax credits, bond financing and other incentives that can substantially lower total development costs. Certainly, adaptive reuse can yield some of the hotel sector's most glamorous and noteworthy achievements. For instance, an historic Beaux-Arts bank can become a boutique luxury hotel in a resurgent downtown setting. A former warehouse or manufacturing facility can be transformed into a waterfront mixed-use development that features a hotel as one of the anchors. Other structures such as office buildings, apartments, hospitals or former government buildings such as a school, fire or police headquarters are also outstanding candidates for adaptive reuse. Adaptivereuse developers are only limited in their imagination and the willingness of municipalities to participate and help defray costs. HOW TO IDENTIFY A PROPER CANDIDATE Identifying a viable hospitality candidate for adaptive reuse requires considerable effort. And having a suitable candidate is only the first step. The right market opportunity, within a municipality that is receptive to the adaptive reuse and one that will support the economic incentives that may be necessary for it to be feasible, is paramount. Another factor often underestimated is the endorsement from the local community, whose support can easily make or break a project's success. Adaptive reuses can complicate already complex planning, zoning and permitting procedures. Sometimes current building codes cannot be met due to existing conditions, and variances to current planning and building codes may be required. The local jurisdiction needs to understand these challenges and be willing to grant these exceptions, to a certain extent. It is helpful to be in communication with the local economic development contact, especially if infrastructure improvements are needed for the project. These improvements may rely on obtaining tax credits or other incentives to make the project feasible. Lastly, if the project warrants a franchise, it is essential to identify the appropriate brand and obtain franchise TODAYSHOTELIER.COM | OCTOBER 2016 | 37 http://WWW.MIKEPEEL.NET http://www.TODAYSHOTELIER.COM

Table of Contents for the Digital Edition of Today's Hotelier - October 2016

Letter From the Chairman
Letter From the President & CEO
News Bytes
AAHOA Spotlight
Best Western’s New Frontier
Government Affairs
The Uneven Playing Field: Hotels & Airbnb
Finding Opportunity in the Old
Development & Renovation
Living Legends: Wisdom From Industry Trailblazers
Finance Q&A
The Latest Tech Tools for Hospitality
Guest Experience
AAHOA Events
AAHOA Founding Members
AAHOA Vendor Partners
Classifieds
Advertiser Index
Today's Hotelier - October 2016 - cover1
Today's Hotelier - October 2016 - cover2
Today's Hotelier - October 2016 - 3
Today's Hotelier - October 2016 - 4
Today's Hotelier - October 2016 - 5
Today's Hotelier - October 2016 - 6
Today's Hotelier - October 2016 - 7
Today's Hotelier - October 2016 - Letter From the Chairman
Today's Hotelier - October 2016 - 9
Today's Hotelier - October 2016 - Letter From the President & CEO
Today's Hotelier - October 2016 - 11
Today's Hotelier - October 2016 - News Bytes
Today's Hotelier - October 2016 - 13
Today's Hotelier - October 2016 - AAHOA Spotlight
Today's Hotelier - October 2016 - 15
Today's Hotelier - October 2016 - 16
Today's Hotelier - October 2016 - 17
Today's Hotelier - October 2016 - Best Western’s New Frontier
Today's Hotelier - October 2016 - 19
Today's Hotelier - October 2016 - 20
Today's Hotelier - October 2016 - 21
Today's Hotelier - October 2016 - 22
Today's Hotelier - October 2016 - 23
Today's Hotelier - October 2016 - Government Affairs
Today's Hotelier - October 2016 - 25
Today's Hotelier - October 2016 - 26
Today's Hotelier - October 2016 - 27
Today's Hotelier - October 2016 - 28
Today's Hotelier - October 2016 - 29
Today's Hotelier - October 2016 - The Uneven Playing Field: Hotels & Airbnb
Today's Hotelier - October 2016 - 31
Today's Hotelier - October 2016 - 32
Today's Hotelier - October 2016 - 33
Today's Hotelier - October 2016 - 34
Today's Hotelier - October 2016 - 35
Today's Hotelier - October 2016 - Development & Renovation
Today's Hotelier - October 2016 - 37
Today's Hotelier - October 2016 - 38
Today's Hotelier - October 2016 - 39
Today's Hotelier - October 2016 - 40
Today's Hotelier - October 2016 - 41
Today's Hotelier - October 2016 - Living Legends: Wisdom From Industry Trailblazers
Today's Hotelier - October 2016 - 43
Today's Hotelier - October 2016 - 44
Today's Hotelier - October 2016 - 45
Today's Hotelier - October 2016 - 46
Today's Hotelier - October 2016 - 47
Today's Hotelier - October 2016 - 48
Today's Hotelier - October 2016 - 49
Today's Hotelier - October 2016 - Finance Q&A
Today's Hotelier - October 2016 - 51
Today's Hotelier - October 2016 - 52
Today's Hotelier - October 2016 - 53
Today's Hotelier - October 2016 - The Latest Tech Tools for Hospitality
Today's Hotelier - October 2016 - 55
Today's Hotelier - October 2016 - 56
Today's Hotelier - October 2016 - 57
Today's Hotelier - October 2016 - Guest Experience
Today's Hotelier - October 2016 - 59
Today's Hotelier - October 2016 - 60
Today's Hotelier - October 2016 - 61
Today's Hotelier - October 2016 - AAHOA Events
Today's Hotelier - October 2016 - 63
Today's Hotelier - October 2016 - AAHOA Founding Members
Today's Hotelier - October 2016 - 65
Today's Hotelier - October 2016 - AAHOA Vendor Partners
Today's Hotelier - October 2016 - 67
Today's Hotelier - October 2016 - 68
Today's Hotelier - October 2016 - 69
Today's Hotelier - October 2016 - 70
Today's Hotelier - October 2016 - 71
Today's Hotelier - October 2016 - 72
Today's Hotelier - October 2016 - 73
Today's Hotelier - October 2016 - 74
Today's Hotelier - October 2016 - 75
Today's Hotelier - October 2016 - 76
Today's Hotelier - October 2016 - Classifieds
Today's Hotelier - October 2016 - 78
Today's Hotelier - October 2016 - 79
Today's Hotelier - October 2016 - 80
Today's Hotelier - October 2016 - 81
Today's Hotelier - October 2016 - 82
Today's Hotelier - October 2016 - 83
Today's Hotelier - October 2016 - 84
Today's Hotelier - October 2016 - 85
Today's Hotelier - October 2016 - Advertiser Index
Today's Hotelier - October 2016 - cover3
Today's Hotelier - October 2016 - cover4
Today's Hotelier - October 2016 - outsert1
Today's Hotelier - October 2016 - outsert2
Today's Hotelier - October 2016 - 91
Today's Hotelier - October 2016 - 92
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