A vacant, former hotel at 6780 Southwest Freeway in Houston will soon be converted into apartment units. Dos Lagos Asset is leading the effort to transform the 292-room former Hilton-branded hotel, which closed permanently during the pandemic.

The Houston Business Journal reports that the project, known as Altura Residences, is set to be completed in phases. The first phase will convert the hotel rooms into studio apartments, and the last phase will include building tenant amenities. The owners are planning 25,000 square feet of retail on the ground floor.

A RentCafe survey reports that hotel conversions accounted for more than one-third of adaptive reuse projects in the United States. This is a reversal of the initial trend in 2020, which began with converting office space into residential units. That year, 6,626 units nationwide were converted from offices, compared to 1,784 units yielded from hotel-to-residential conversions.