Thanks for the info!
This is a long term strategy. They have signed a 12 month contact with Stay Alfred. They are "testing" with 40 units.
They have increased the rate by about $80 over the past week. This is still low considering comparable hotels in the downtown area. Price is irrelevant though.
I see major concerns. First and foremost is safety. We live in an urban environment but the second we walk into this building we have felt safe with the staff and safety features. This isn't the case now. All residents of the building undergo a full background check during the application process. This isn't the case for hotel guests that can book a hotel room as quickly as tomorrow night and have access to the building without hours. I could have a convicted felon or sex offender in the room next to ours while I'm out on travel and my wife is here alone. Sure, a long term renter could have a guest over that is a concern but the likelihood is much less. The building turning into a hotel makes our front door a revolving door with zero screening of hotel occupants a frequent occurrence. Odds just go up of something happening.
Many of the other concerns include abuse to amenities, noise, damage to common areas, etc. These concerns have become reality already within a few weeks of this conversion. At the end of the day living in an apartment is different than a hotel.
Again, thanks for the responses.