YOU WONT BELIEVE: Redevelopers are pouncing on shuttered hotels - You Need To See This

By the numbers: 458 closed hotel properties were sold in 2022, marking at least the ninth straight year of increases, according to CoStar Group.

• The number has nearly tripled in a decade, rising from 160 in 2013 and 234 in 2019, the last full year before the pandemic.

Between the lines: Shuttered hotels often still have "good bones" and thus make for excellent redevelopment opportunities, CoStar national director of hospitality analytics Jan Freitag tells Axios.

• "You have individual bedrooms, bathrooms — you often have a gym, you often have a pool, you have food and beverage setup already," Freitag says. "It slots in theoretically quite nicely into eldercare facility, student housing or multifamily."

Be smart: Many hotels closed when travel demand plummeted early in the pandemic, with some of them even restricted from accepting reservations from certain travelers.

• That increased the pool of available properties for redevelopers.
• "Some property owners decided to shut down the property because running it was more expensive than shutting it down," Freitag says.
• Former full-service hotels and traditional roadside motels are especially popular targets for redevelopment purposes, he added.

Zoom in: Several high-profile deals for shuttered hotels have taken place in recent months, including:

• The former New York Marriott East Side hotel on Lexington Avenue recently sold in a deal that could set the stage for a redevelopment into student housing, TheRealDeal reported.
• The 12-story Dayton Grand Hotel in Dayton, Ohio, closed since 2016, recently sold to new investors after being marketed for reuse as a hotel or redevelopment into multifamily housing, the Dayton Daily News reported.
• The Standard hotel on the Sunset Strip near Los Angeles — shuttered since early in the pandemic — sold for $112.5 million in what's expected to be a redevelopment for hospitality purposes, CoStar reported.