Elgin Area Chamber Of Commerce: Apartment Developers See Opportunity In Market Discount On Closed Hotels

Press release from the Elgin Area Chamber of Commerce:

July 7, 2021

A new deal by Lockwood Development Partners represents more than the purchase of nine hotels with plans to transform some of the properties into apartments. It accelerates an emerging push into hotel-to-apartment conversions across the country after the hospitality industry stagnated
and the multifamily market reached record demand.

This press release was produced by the Elgin Area Chamber of Commerce. The views expressed here are the author’s own.