Richard Rubin, Founder and CEO of Repvblik, is being offered 20 to 30 hotels a week. There is a good reason for the calls. Rubin’s company has figured out how to convert a distressed hotel into a profitable one—in the middle of a pandemic. This of course is far more environmentally advantageous than building the same hotel from ground up. I first reported about Richard and his company back in May when his company announced it had almost completed the conversion of a former 423-key Day’s Inn property in Branson, Mo. into apartments. That property, now called Plato’s Cave, has 341 apartments in total that are all occupied. Most are studios (260) with the remainder one-bedrooms. Each has a kitchenette.
Plato’s Cave, located in a central improvement district in Branson, is the largest affordable, workforce-targeted housing project in the United States to be completed entirely without federal funding or tax credits. I guess it had to be that way. Richard said he was turned down about “1,000 times” when he asked for funding.
Richard founded Repvblik LLC with Chris Potterpin of PK housing in Michigan in 2015. They purchased the Days Inn in 2018. It had been closed for about 10 years. The property has reopened in phases since then and now houses folks ranging from Walmart workers to nurses. Tenants pay from $495 to $725, which includes all utilities, free Wi-Fi, parking, and security in a pet-friendly, gated community environment. Tenants typically sign a six or 12-month lease. “Price-wise, we are very competitive in the Branson market,” Richard says.
Space for Day Care, Dog Care & More
Richard told me that what was meeting space on the property has been converted to daycare and there is even dog care available. “We are turning a lot of that space into workspace and micro-storage,” Richard said. Space for a “ghost kitchen” is also a possibility. (A ghost kitchen is a professional kitchen set up for the preparation of delivery-only meals.)
With the successful Plato’s Cave under its belt, funding for additional projects has been easier to get. In fact, Repvblik now has other similar developments under way. “We are busy with deals in Kansas, Michigan, Ohio, Alabama, Florida and California,” Richard says. “We will close two to three deals before the end of the year.” Long term, Repvblik would like to have close to 20,000 apartments.
Converting a distressed property does take patience. Rezoning and other processes can take close to a year.
For Branson, Plato’s Cave has meant not only the revitalization of an empty eyesore but also a jobs creator. “We have had a very positive impact on the Branson community,” Richard says. “We have used local construction crews for two and one-half years and employed hundreds of people. We also have full-time staff.”
Richard says what his company is doing will become a lot more common as more hotels and motels close down. Apartment conversions are also taking place in other real estate sectors.
“I don’t think we are going to run out of markets or stock,” Richard says.
Who is Your Sustainability Champion?
Green Lodging News is always looking to profile sustainability champions in our Personnel Profile section. If you would like to nominate someone for this section of Green Lodging News, contact me at (813) 510-3868, or by e-mail at greenlodgingnews@gmail.com.
Looking for Guest Columnists
Every two weeks Green Lodging News posts a new guest column on its website. (Click here for examples.) The guest column also appears in the weekly e-newsletter. Green Lodging News is currently in need of industry experts to contribute occasional guest columns. Experts may include consultants, architects, designers, suppliers and those who own or operate green lodging establishments. Columns may be articles that take a stance on a particular subject or be strictly educational in nature. Columnists benefit by having their photo included along with a one paragraph description of their company. Interested in writing a column? Contact Glenn Hasek, publisher and editor, at (813) 510-3868, or by e-mail at greenlodgingnews@gmail.com.
Get in the Green Suppliers Spotlight!
Green Lodging News, lodging’s leading environmental news source, publishes Green Suppliers Spotlight, an e-blast to 25,000 subscribers that features the lodging industry’s leading green products and services. The e-blast features multiple vendors—unlike the current Green Supplier Spotlight that allows one supplier to “own” the Green Lodging News subscriber list for one e-blast. (Click here for a Green Suppliers Spotlight sample.)
Green Suppliers Spotlight is published weekly on Thursdays to general managers, owners, management companies, directors of sustainability, directors of engineering, facilities managers and many others who are either in purchasing positions or who influence purchasing decisions. Suppliers of green products and services throughout North America and beyond are invited to participate in the e-blast. (Minimum two suppliers per e-blast.) Green Suppliers Spotlight was created to give vendors an opportunity to reach a high number of industry purchasers at a very low cost—as low as $200 per e-mail. (Click here for rate sheet.)
Those advertising in Green Suppliers Spotlight can include up to 100 words, one image, contact information and multiple links to their website in their ad. At the end of each month, a report will be sent to each supplier with information on delivered e-mails, opens and click-throughs.
Planning Advertising for 2020 or 2021?
Green Lodging News is accepting reservations for advertising spots for 2020 and 2021. Many excellent spots are available on our website and in the weekly e-mail newsletter. Many Green Supplier Spotlight dates are also available. Interested in receiving a 2020 or 2021 media kit? Be sure to contact me as soon as possible at (813) 510-3868, or by e-mail at greenlodgingnews@gmail.com. Media kits can also be accessed by clicking here. Thank you to all those companies that consistently support Green Lodging News.
Newsletter & Green Supplier Spotlight Circulation
The circulation of our weekly e-newsletter and Green Supplier Spotlight currently stands at 25,000. Thank you to our new subscribers for signing up. Be sure to encourage your colleagues to do the same. There are “subscribe” links on the Green Lodging News home page. You may also e-mail greenlodgingnews@gmail.com to be added to our list.
Green Lodging News & Social Media
Green Lodging News now has 1,793 Twitter followers. Thank you to all of those who follow our tweets. In addition to following us on Twitter, be sure to bookmark the Green Lodging News Blog in your browser. More importantly, participate with your comments. Green Lodging News is also on Facebook. Be sure to “Like” us there. Green Lodging News now has 982 Facebook likes.
As always, I can be reached at greenlodgingnews@gmail.com.
