The National Register of Historic Places includes more than 95,000 historic properties. Guests and tenants of these properties delight in their grandeur and uniqueness, while these exceptional buildings provide a sense of status and prestige to a property owners portfolio.
Other benefits come with owning a historic property such as significant tax credits, but not without challenges. Historic properties should look the same as they did in the past or the tax credit will be revoked, meaning maintenance, renovations, repairs and replacement of the unique features due to damages from events such as fire or flooding can be complex.
Distinguished Programs senior vice president of sales and business development, Kurt Meister, speaks with Hotel Executive on the unique challenges historic hotel properties face including:
- Managing repair and replacement costs
- Finding qualified contractors
- Covering the cost of down time
- Handling historic tax credits