GI305: Hotel to Apartment Conversion with Ryan Sudeck

Can underperforming hotels be the solution to America’s affordable housing crisis?

In this episode of the Global Investors Podcast, host Charles Carillo speaks with Ryan Sudeck, CEO of Sage Investment Group, a company that has successfully completed over 22 hotel-to-apartment conversion projects across U.S. growth markets.

Ryan explains how Sage identifies distressed hotel assets, secures change-of-use permits, manages complex renovations, and turns them into high-demand naturally affordable housing. From construction costs to lease-up strategies and financing structures, this episode is packed with real-world insights for real estate investors, syndicators, and developers.

Key Topics Covered:

• Hotel acquisition and underwriting criteria

• The economics of hotel-to-apartment conversions

• CapEx costs (~$37K–$45K per unit) and infrastructure upgrades

• City permitting and change-of-use strategies

• Why studio apartments with amenities attract long-term tenants

• How Sage structures debt and equity for each project

• The growing need for workforce housing in high-growth markets

If you're exploring multifamily investing, adaptive reuse strategies, or ways to create impact while building returns, this episode is for you.

 

Learn More About Ryan Here -

• Sage Investment Group: https://sageinvestment.com
• Connect with Ryan: [e-mail]

 

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