The landscape of real estate and property development is continuously evolving, presenting new opportunities for investors and property owners. One such innovative approach is hotel conversions, where existing hotels are transformed into student housing, apartments, shelters, etc. This guide will delve into how you can determine if your hotel holds potential for such a conversion, with insights from industry experts and successful case studies.
Hotel conversions are an innovative solution that addresses the growing need for diverse types of housing and other facilities in densely populated areas. By repurposing existing hotel properties, developers can provide housing solutions faster, particularly in urban centers where new construction spaces are limited. This approach leverages existing structures, which can often bypass the prolonged timelines associated with ground-up construction. Moreover, hotels are typically well-located, close to city centers and amenities, making them ideal candidates for conversion into residential apartments, student housing, or even mixed-use developments
The benefits of converting hotels into alternative spaces are multifaceted. Economically, these projects can yield significant advantages by generating stable, long-term revenue streams and reducing operational costs that are typically associated with running a hotel, such as high staffing levels. From a practical standpoint, these buildings often already contain numerous suitable features such as multiple plumbing systems, communal spaces, and separate entrances which can be advantageous when converting to apartments or other uses. This can lead to a decrease in overall project costs compared to new constructions. Furthermore, these projects can revitalize buildings that are underutilized or in decline, contributing positively to the neighborhood’s development and community spirit
Before embarking on a hotel conversion project, it is crucial to consider several key factors to ensure the success and sustainability of the endeavor.
Understanding the local market demand is essential. This involves analyzing demographic data, local housing shortages, or the need for specific facilities like student housing or temporary shelters.
Navigating zoning laws and understanding regulatory requirements are critical steps in assessing the feasibility of converting a hotel. These regulations vary widely by location and can significantly affect the conversion process.
A thorough financial analysis is required to evaluate the costs involved in the conversion, expected returns, and ongoing operational expenses. This financial planning must account for potential challenges and economic shifts.
Not all hotels are suitable for conversion. So how do you determine whether your hotel has the potential to be converted? There are several things you can identify from your hotel. The building’s design, location, and current condition play significant roles in determining its potential for repurposing.
The physical structure of the hotel must be conducive to the new intended use, requiring minimal structural changes. Additionally, the location should align with the needs of the new target audience, whether students, families, or specific communities.
Existing amenities such as parking facilities, conference rooms, and dining areas can be advantageous, depending on the new use of the building. Assessing these features can provide insights into the conversion’s feasibility and potential costs.
The impact on the local community and the property’s accessibility are also vital factors. The project should aim to benefit the community, enhancing the area’s socio-economic status and livability.
Converting a hotel into alternative uses like student housing, shelters, or apartment complexes involves a structured and strategic process. Drawing from successful real-world examples facilitated by NewGen Advisory, this section outlines the essential steps and highlights how these were effectively implemented in specific projects.
A feasibility study is crucial to ascertain the practicality of converting a hotel. This study evaluates structural suitability, potential financial costs, and benefits, as well as compliance with zoning laws and regulatory requirements.
For the Sleep Inn in Tempe, AZ, the feasibility study focused on the strategic location near educational institutions, which supported its transformation into student housing. This project showcased how understanding market demand could steer a conversion towards success.
Leveraging expertise from real estate advisory firms that specialize in hotel conversions can significantly enhance the project’s viability. Experts bring an in-depth knowledge of market dynamics, a keen understanding of the technical aspects of such conversions, and an experienced eye for maximizing the value of real estate assets. Engaging with a seasoned advisory firm like NewGen Advisory can be a game changer, providing critical insights into feasibility, design optimization, and regulatory compliance.
The transformation of the Amazon Motel into a facility that provides both shelter and apartments exemplifies the value of such expertise. NewGen Advisory played a pivotal role in this project, navigating the complex regulatory landscape which often involves securing the appropriate zoning changes, understanding local building codes, and ensuring compliance with environmental standards. Their ability to re-design the property to meet diverse needs, while balancing functionality with cost-effectiveness, was crucial in transforming the Amazon Motel into a space that could serve its new purpose effectively.
Performing a detailed market analysis is crucial in ensuring a hotel conversion project aligns with both current and anticipated market demands. This analytical phase is fundamental for determining if the converted property will effectively meet the economic and social needs of the community. By deeply understanding these factors, developers can tailor their projects to fit specific demographics and local demands, enhancing the success and impact of the conversion.
The conversion of the Days Inn located in Phoenix, AZ into housing for the homeless exemplifies the effectiveness of thorough market analysis. Yet another project NewGen Advisory played a critical role in. Their comprehensive market insights influenced every aspect of the project, from the design of the living spaces to the types of services offered, ensuring the conversion would provide maximum benefit to its residents.
In-depth market analysis also helps to foresee future trends and potential shifts in community demographics, allowing developers to make strategic decisions that keep the converted properties viable and beneficial in the long run. For the Days Inn conversion, understanding the ongoing and increasing need for homeless accommodations in Phoenix was key. This foresight ensured that the project was not only responsive to current conditions but was also sustainably beneficial.
Real estate advisory firms, such as NewGen Advisory, play a crucial role in the success of hotel conversions. We bring a blend of expertise, experience, and strategic insight that is essential for navigating the complexities of such projects. With a proven track record in facilitating successful transformations, we offer deep insights into market dynamics and a commitment to excellence. Contact us today so we can guide you through every phase of your conversion project. We will ensure that each step aligns with the overall strategic objectives and maximizes the potential benefits of the property’s new use.
Kishan is a Senior Vice President at NewGen Advisory, specializing in complex commercial real estate transactions with a particular focus on hotel-to-alternative-use conversions. When the 2020 economic shift created widespread uncertainty around hotel assets, Kishan helped clients — including non-profit organizations and private investors — convert properties into market-rate apartments, affordable and transitional housing, and behavioral health facilities. His ability to manage a transaction from start to finish, anticipating complexity and driving toward a clean close, has made him a trusted advisor for hoteliers and investors navigating non-traditional exits.
Before joining NewGen Advisory in 2019, Kishan founded and ran a corporate DJ business, an experience that sharpened his entrepreneurial instincts, client relationship skills, and ability to read a room — all of which translate directly into how he approaches deals today.
Outside of work, Kishan enjoys spending time with his family, attending car shows, and taking full advantage of the Arizona sunshine.
Suraj Rama joined NewGen Advisory in 2017 as a Junior Analyst and advanced to Associate Agent in 2022, bringing a background that spans hotel operations, transactions, and legal studies.
Growing up in the hospitality industry gave Suraj a strong foundation in day-to-day hotel operations. He deepened that experience through roles at three IHG properties and legal work alongside attorneys representing brands including Choice Hotels, Four Seasons, and Hilton — a combination that gives him a distinctive ability to analyze assets from both an operational and legal perspective.
Suraj graduated cum laude from Arizona State University’s W.P. Carey School of Business with a degree in Business Law, and is currently completing his Master’s in Legal Studies with a concentration in Business at ASU’s Sandra Day O’Connor College of Law.
Roshan is an Associate at NewGen Advisory, bringing a background in mechanical engineering from the University of North Carolina at Charlotte alongside deep roots in the hospitality industry. Having grown up around hotel operations, he developed an early understanding of the business that now informs his approach to every client engagement.
Before transitioning to brokerage, Roshan held roles in product development and management across several global business lines, where he built strong financial modeling and underwriting skills spanning multiple real estate asset classes — experience he has further deepened through personal investments in commercial and multifamily properties.
Based in Charlotte, NC, Roshan has watched the city evolve from a regional hub into a national destination, giving him a grounded appreciation for market growth and long-term investment potential.
Outside of work, he enjoys soccer, car meet-ups, cooking, and spending time with friends, family, and any body of water he can find.
Jourdyn leads the strategic marketing initiatives for NewGen Advisory, overseeing brand development, market positioning, communications, and business growth efforts across the firm.
With more than a decade of experience in marketing and business development, Jourdyn specializes in building brands, creating demand-generation strategies, developing thought leadership programs, and executing integrated marketing campaigns that drive measurable business results. Her expertise spans digital marketing, public relations, content strategy, events, social media, lead generation, and corporate communications.
At NewGen, Jourdyn is responsible for shaping and executing the firm’s marketing strategy, ensuring consistent brand visibility across all channels while supporting advisors, clients, and strategic initiatives nationwide. She works closely with leadership to develop campaigns, elevate industry presence, strengthen client engagement, and position NewGen as a trusted advisor within the hospitality investment sector.
Jourdyn holds a Bachelor of Arts in Mass Communication and Media Studies from Arizona State University and a Master of Business Administration (MBA) with an emphasis in Marketing from Grand Canyon University.
Most mornings you’ll find Jourdyn in the gym before sunrise and spending time with her husband and children.
Allysia Howerton joined NewGen Advisory in 2026 as a Pipeline & Transaction Assistant, relocating from St. Louis, MO to Arizona to take on the role. She brings a background spanning property management, client services, sales, and administrative leadership, with a track record of managing complex workflows and keeping transactions moving efficiently from inception to close.
Known for her organization, attention to detail, and relationship-driven approach, Allysia supports transaction management, pipeline coordination, and day-to-day brokerage operations — and is passionate about growing her career within the hospitality real estate industry.
Outside of work, she enjoys discovering new coffee shops and restaurants, traveling to experience new cultures, and spending time with her dogs.
2 years
Josie Numedahl joined NewGen Advisory in July 2024 as a Real Estate Assistant (REA). Originally from Iowa, she relocated to Arizona to pursue her education, graduating from Grand Canyon University in 2022 with a Bachelor’s degree in Marketing and Advertising.
Josie began her professional career as a recruiter in the finance and accounting sector, and brings that client-facing, detail-oriented background to her work at NewGen.
Outside of work, she enjoys reading, hiking, exploring local coffee shops, and spending time with friends.
X years
Anthony is the Staff Accountant for NewGen Worldwide, LLC and its subsidiaries Green Card Fund, LLC and NewGen Advisory, LLC, working directly under CFO Michael Lepore to handle day-to-day accounting functions across all NewGen operations.
Green Card Fund (greencardfund.com) is a USCIS-recognized EB-5 Regional Center authorized to raise foreign capital for domestic development projects. EB-5 investors fund community-need projects and receive an immigration benefit in exchange for job creation. To date, GCF has facilitated over $125 million in foreign direct investment, delivered immigration benefits to more than 250 families, and created over 2,500 jobs in healthcare, education, and hospitality across Arizona and Washington, D.C.
NewGen Advisory (newgenadv.com) is a full-service commercial real estate brokerage specializing in hospitality assets.
Prior to joining NewGen, Anthony completed coursework at Paradise Valley Community College before co-founding a family business that produced custom-wrapped die-cast model cars for corporate clients — handling vehicle customization, display stands, and branded packaging. Serving as Director of Operations, he gained hands-on experience in management, production workflows, and running a business from the ground up.
Outside of work, Anthony is a lifelong ice hockey player with a passion for motorsports — particularly motocross and classic cars. Among his favorites: the 1963 C2 Corvette Sting Ray, the 1965 Shelby Cobra S/C, and the 1971 Plymouth Hemi ‘Cuda. He hopes to one day own and operate a bookkeeping firm serving small businesses.
Nick serves as Director of Operations for NewGen Worldwide, overseeing systems, processes, and cross-entity operations across the firm’s Advisory and Capital divisions. A Minneapolis native, he studied at Denison University and the University of Minnesota before relocating to the greater Phoenix area.
Nick brings over a decade of experience managing high-volume hospitality operations, a background that instilled the precision and process-orientation he applies daily at NewGen. In his current role, he is the administrative backbone of a growing multi-entity organization, keeping its people, platforms, and workflows running in sync.
X years
Nycole serves as Chief of Staff at NewGen Advisory, where she trains and manages the Real Estate Assistant (REA) team since 2021. She works closely with REAs to ensure agents receive consistent, high-quality support throughout every stage of a deal — from contract to close.
Alongside the Office Manager, Nycole leads onboarding for new agents, REAs, and team members across NewGen Worldwide’s subsidiaries, and has developed a training library to streamline the process for incoming staff. She is also actively involved in evaluating and implementing new platforms to improve agent and REA workflows, while providing leadership with the data needed to monitor KPIs and track revenue goals.
Her background in franchise operations management — spanning startups to scaling franchises — makes her a versatile and valuable member of the NewGen team.
20+ years
Michael is the Chief Financial Officer of NewGen Worldwide, LLC and its subsidiaries Green Card Fund, LLC and NewGen Advisory, LLC — a diversified real estate investment and capital solutions firm focused on creative, flexible solutions. Michael and his team oversee day-to-day accounting, budgeting, forecasting, and financial modeling across all NewGen operations.
Green Card Fund (greencardfund.com) is a USCIS-recognized EB-5 Regional Center authorized to raise foreign capital for domestic development projects. EB-5 investors fund community-need projects and receive an immigration benefit in exchange for job creation. To date, GCF has facilitated over $125 million in foreign direct investment, delivered immigration benefits to more than 250 families, and created over 2,500 jobs in healthcare, education, and hospitality across Arizona and Washington, D.C.
NewGen Advisory (newgenadv.com) is a full-service commercial real estate brokerage specializing in hospitality assets.
Prior to joining NewGen, Michael built over 20 years of experience in accounting, tax, and operations management serving small to mid-sized businesses. He holds active CPA licenses in both New York and Arizona. His career spans public accounting — including a role as Audit Manager at PricewaterhouseCoopers — as well as private accounting and business ownership, giving him a broad, hands-on command of accounting and management functions. That dual perspective allows him to bring both tax strategy and business strategy to bear when evaluating financial decisions. He is a member of the American Institute of Certified Public Accountants (AICPA) and the Arizona Society of Certified Public Accountants (ASCPA).
A proud Italian-American, Michael lives in Scottsdale with his wife, Patty, and their three children, Alyssa, Anthony, and Joey. Outside of work, he coaches ice hockey and has a passion for cooking Italian food.
15+ years
Kyle is a co-founder, Principal, and Chief Executive Officer of NewGen Worldwide, LLC and its subsidiaries Green Card Fund, LLC and NewGen Advisory, LLC — a diversified real estate investment firm focused on creative, flexible solutions. Beyond his broad responsibilities as CEO, Kyle’s primary focus is leading Green Card Fund, developing and implementing capital solutions domestically and internationally, and identifying attractive investment opportunities.
Green Card Fund (greencardfund.com) is a USCIS-recognized EB-5 Regional Center authorized to raise foreign capital for domestic development projects. EB-5 investors fund community-need projects and receive an immigration benefit in exchange for job creation. To date, GCF has facilitated over $125 million in foreign direct investment, delivered immigration benefits to more than 250 families, and created over 2,500 jobs in healthcare, education, and hospitality across Arizona and Washington, D.C.
NewGen Advisory (newgenadv.com) is a full-service commercial real estate brokerage specializing in hospitality assets — a natural evolution of NewGen Worldwide’s business model, built on business partners Girish Patel and Dan Rama’s lifetime experience in the industry. Kyle’s financial acumen and creative approach to structuring deals help NewGen Advisory clients identify and secure profitable opportunities.
Kyle earned a B.A. in Interdisciplinary Studies from Arizona State University with a focus in Business and Urban Planning. He has long been involved with the Greater Phoenix Economic Council’s (GPEC) International Leadership Council, and in 2016 was elected to the Board of Directors of Invest in the USA (IIUSA), the national EB-5 trade association, where he actively contributes to legislative reform efforts and the permanent reauthorization of the EB-5 program.
Kyle splits his time between company offices in Phoenix, AZ and Washington, D.C. Outside of work, he is an avid reader, global traveler, and snowboarder — and after logging over a million miles as a passenger, he has recently taken to the cockpit, learning to fly himself.
40+ years
Girish Patel is a co-founder and Principal of NewGen Worldwide, LLC and its subsidiaries Green Card Fund, LLC and NewGen Advisory, LLC — a diversified real estate investment and capital solutions firm focused on creative, flexible solutions across hospitality and healthcare. Among his core responsibilities are leading strategic initiatives, overseeing financial management, and driving real estate investment acquisitions.
Green Card Fund (greencardfund.com) is a USCIS-recognized EB-5 Regional Center authorized to raise foreign capital for domestic development projects. EB-5 investors fund community-need projects and receive an immigration benefit in exchange for job creation. To date, GCF has facilitated over $125 million in foreign direct investment, delivered immigration benefits to more than 250 families, and created over 2,500 jobs in healthcare, education, and hospitality across Arizona and Washington, D.C.
NewGen Advisory (newgenadv.com) is a full-service commercial real estate brokerage specializing in hospitality assets — a natural evolution of NewGen Worldwide’s business model, grounded in Girish’s and business partner Dan Rama’s lifetime experience in the industry. Having grown up in his family’s hotel business as an immigrant, Girish developed a bottom-up understanding of hospitality — mastering operations before becoming an investor, lender, and consultant. That ground-level perspective, tested across multiple economic cycles, underpins his 20+ years as a successful business owner and brings a distinctive depth of insight to NGA’s clients and investors.
Committed to continuous learning and giving back, Girish established the RC Patel Memorial Scholarship for students pursuing careers in real estate investment. He also serves on the Board of Directors of Global Ties Arizona, an organization that strengthens international relationships by making exchange programs more impactful.
40+ years
Dan is a co-founder and Principal of NewGen Worldwide, LLC and its subsidiaries Green Card Fund, LLC and NewGen Advisory, LLC — a diversified real estate investment and capital solutions firm focused on creative, flexible solutions. His primary role is leading NewGen Advisory and serving as its Designated Broker in Arizona.
Green Card Fund (greencardfund.com) is a USCIS-recognized EB-5 Regional Center authorized to raise foreign capital for domestic development projects. EB-5 investors fund community-need projects and receive an immigration benefit in exchange for job creation. To date, GCF has facilitated over $125 million in foreign direct investment, delivered immigration benefits to more than 250 families, and created over 2,500 jobs in healthcare, education, and hospitality across Arizona and Washington, D.C.
NewGen Advisory (newgenadv.com) is a full-service commercial real estate brokerage specializing in hospitality assets — a natural evolution of NewGen Worldwide’s business model, built on Dan’s and business partner Girish Patel’s lifetime experience in the industry. Throughout his career, Dan has been involved in the disposition of over $600 million in hospitality assets, advising clients on acquisitions, mergers, and divestitures across the United States.
Dan began his career as a hotel operator and owner in 1994 following his studies at the University of Arizona, going on to build a portfolio as a franchisee of Red Brick Pizza, Holiday Inn, Ramada Inn, and Comfort Suites. He holds General Manager Certifications from Holiday Inn, Motel 6, and Days Inn, and is a Certified Hotel Owner (CHO) with a Certification for Hotel Industry Analytics (CHIA).
Beyond his company responsibilities, Dan is an active industry voice. He serves as an Ambassador with the Asian American Hotel Owners Association (AAHOA) — the largest hospitality owners association in the U.S. — and previously served as its Southwest Regional Director. He also sits on the Board of Directors of the Arizona Lodging and Tourism Association (AZLTA).
Dan lives in Gilbert, AZ with his wife, Chetna, their son Suraj, and their daughter Sonya. Outside of work, he enjoys golf and cheering on the Denver Broncos.
40+ years
Suraj is the Chief Legal Officer of NewGen Worldwide, LLC and a member of its senior leadership team, where he contributes to the operational management and strategic planning of the company and its subsidiaries — including Green Card Fund and NewGen Advisory. NewGen Worldwide is a diversified firm engaged in real estate investments, creative capital solutions, and advisory services for the entrepreneurial investor.
Suraj first served as outside counsel for Green Card Fund and NewGen Worldwide from 2008 to 2014 before joining the organization as Chief Legal Officer. In this role, he leads the company’s legal, regulatory, and corporate governance functions, with responsibility spanning real estate, risk management, contractual relations, and investment strategies. He also oversees the business administration of NewGen Advisory, a full-service commercial real estate brokerage specializing in hospitality assets.
Prior to joining NewGen, Suraj was Managing Partner of Bhakta & Associates, PLLC, a full-service business law firm where he represented a broad range of clients across acquisitions and sales, corporate structuring, contracts, franchise law, development and construction, and equity and debt financing.
A native of Ohio, Suraj graduated from The Ohio State University in 1999 with a B.S. in Business Administration and earned his J.D. from Case Western Reserve University in 2002. He resides in Peoria, AZ with his wife, Neena, and their two sons, Shiv and Soham.
