A national investment group/STR operator partnership engaged The McEnery Company to perform an as-is and prospective analysis of the California Building, a nine-story, 167-unit multi-family building located in downtown New Orleans. The California Building was originally constructed in the 1950’s as an office and is among the oldest International Style buildings in the city. The property was most recently renovated into an apartment building in 2014, but proposed plans entail altering the building into a short-term rental development with ground floor retail space and a parking garage. This conversion analysis required a review of ADR and REVPAR figures for one, two, three, four and six-bedroom units in the downtown market as well as the impacts of COVID-19 on the lodging industry.