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STILL Property Group
The principalsManaging Partner

Armand Boyajian

Advisor on $1.5B+ of acquisitions and capital raises, including at KPG Funds in New York.

NYU Stern

Armand Boyajian

Research & writing.

Recent research from the STILL desk. Pieces bylined by Armand publish here.

The dated pool deck of the Winter Haven hotel before conversion
Thesis

The conversion math: basis vs. replacement cost

Why an obsolete hotel can pencil as housing before a shovel hits the ground.

Aerial view of the Space Coast shoreline at Cocoa Beach
Market

Why Florida's hotel stock is a housing pipeline

Space Coast supply, demand drivers, and the case for adaptive reuse on the Interstate 95 corridor.

The converted courtyard and fountain at The Jade Winter Haven, Florida
Case study

The Jade Winter Haven: hotel to apartments

How a mid-century roadside hotel became a stabilized, refinanced apartment community.

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