What is the definition of Property in the hotel industry?
Property is such a general word, isn’t it? Domestic property, profitable property, property for sale, rented property, lost property!
In Hospitality, property generally means commercial premises – hotel buildings, basically: the hotels, motels, lodges, cabins, chalets, luxury apartments and other types of buildings around the world where individuals, couples, families and/or groups pay to stay, eat, have fun, relax, and to take benefit of all the provided in-house services available.
Hotel chains spanning the world will own many, probably enormous, properties of route, which can mean huge proceeds for them. But with owning all these bricks and mortar assets comes a responsibility: an obligation on hotel chain management to make sure that buildings are always kept back safe for visitors and staff alike. Specifically-tailored cover must also be in place, and then there is the continuing price of maintaining and servicing hotel possessions, which can quantity to a lot of money each year. Keep in mind also that when a hotel is being preserved and/or partly renovated, that will almost definitely mean a loss of bookings income until the work is finished.
Other types of property can be small-sized autonomous hotels that can be charming inns in rural villages.