Int 0592-2014

Preservation of hotels

This bill would place limitations on the conversion of certain hotel space for purposes other than use as a hotel. The bill would affect hotels having 150 units or more and would allow such a hotel to convert approximately 20 percent of the floor area used for sleeping accommodations to a different use. In order to convert additional hotel space, a hotel owner would have to apply to the Hotel Conversion Review Board, created by this bill, for a waiver and would have to demonstrate that the hotel was unable to earn a reasonable financial return. The Board would evaluate relevant financial information relating to the hotel and hold a public hearing with respect to each application for a waiver. If the Board found that the hotel was unable to earn a reasonable financial return, it would be authorized to allow the owner to convert additional hotel space for other uses to the minimum extent necessary to allow the hotel to earn a reasonable return. The waiver procedure would first become available 180 days after this bill became law.

Status

Enacted

Introduced By