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The crisis impacts on hotels and developers are keeping an eye on their land - Ambito
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La crisis impacta en los hoteles alojamiento y los desarrolladores ponen el ojo sobre sus terrenos
Los hoteles son codiciados por sus amplios lotes. La tendencia se da tanto en los hoteles alojamiento como en los familiares y turísticos.
www.ambito.com
August 21, 2024
Hotels are coveted for their large lots. This trend is seen both in accommodation hotels and in family and tourist hotels.
Trend: Developers are looking for hotel land to turn into real estate projects
Lodging hotels seem to be an endangered species. Before the pandemic, it was estimated that there were about 120 operating in the City of Buenos Aires. Covid-19 wiped out several that had to close or were reconverted. Currently, sources in the sector estimate that about 100 survive and many are suffering the consequences of the economic crisis.
Is this the end of love? Probably not, but customs and habits are changing and fewer and fewer people choose to spend hours in a hotel . And that is why property owners began to see an opportunity in the real estate market.
Today, many are selling their land to developers looking for impressive lots with important frontages to build towers.
This interest began at least six years ago. For the owners, it is a better investment to sell the land and demolish the hotel than to continue with the business.
Belgrano, and especially the downtown area, used to host a significant number of hotels where today important real estate projects are being built. The same is true in Villarquiza, Palermo and neighborhoods in the south of the city.
How many hotels are for sale in CABA
Although hotels seem to be the most sought after, there are currently 146 hotels for sale in the City of Buenos Aires. Many have suffered from the decline in tourism, given that Argentina is no longer as cheap as it was years ago. Others are looking for a new owner to reconvert or to be demolished and house something new on their land.Generally speaking, these are large hotels , family-run or tourist-oriented. The common denominator of the publications is the considerable size of the plots, some with double lots.
For example, there is a hotel for sale located on Uspallata Street at 900 in Barracas, which is sold for US$690,000 and describes that it is a large house on its own lot ideal for real estate development.
Another example is that of a hotel that until now was a tourist hotel, on Eduardo Acevedo Street in Caballito, of approximately 1,500 m2, which clarifies that its lot is an opportunity to build a real estate development in the neighborhood.
In Balvanera, on Avenida Belgrano 2600, a tourist hotel is for sale to build a real estate development. It has a lot of 288 m2 and a height of up to 12 floors to build.
The list goes on and developers are eyeing these unused plots of land to give them a new lease on life.
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