Alexander Cartwright is a PhD economist who left a tenured professorship to buy distressed hotels and convert them into workforce housing through his company, HotelSHIFT. His business rests on a simple valuation gap: hotels trade at higher cap rates than apartments because their income is considered less durable, so the same building can be worth dramatically more once it's rezoned and leased as multifamily instead of run as a hotel.
If you're looking for a corner of hospitality investing with less competition than traditional multifamily, and want to understand the zoning, financing, and tax mechanics behind turning a hotel into housing, this episode lays out the real playbook.
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