Numerous conversion projects are proposed or underway in Connecticut, including hotels in Hartford, Farmington, Manchester and Meriden. In addition, a Stamford developer recently converted a Stratford hotel into luxury apartments complete with a dog park. A hotel conversion is much cheaper than building an apartment complex from the ground up — about $60,000 to $70,000 per unit compared to $150,000 to $200,000 per unit in a metropolitan area, according to BBG Real Estate Services. The Axela-Shelbourne partners paid $22 million for the Morgan Street property and are investing another $8 million in the 18-story building. The previous owner renovated the top eight floors into 96 units, over 80% of which are rented. One-bedroom units rent from $1,375 to $1,450. Empire Residential of Stamford converted an old hotel in Stratford into luxury apartments complete with a fitness center, indoor pool and outdoor dog lounge. The units rent at market rate, from $1,400 to around $2,000.
https://www.hartfordbusiness.com/article/developers-turn-hotels-into-apartments-as-pandemic-batters-hospitality-industry