{"id":22670,"date":"2020-04-13T13:38:55","date_gmt":"2020-04-13T13:38:55","guid":{"rendered":"https:\/\/www.xotels.com\/uncategorized\/property\/"},"modified":"2024-12-23T09:21:16","modified_gmt":"2024-12-23T09:21:16","slug":"property","status":"publish","type":"post","link":"https:\/\/www.xotels.com\/en\/glossary\/property","title":{"rendered":"Property"},"content":{"rendered":"

What is the meaning \/ definition of Property in the hospitality industry<\/a>?<\/p>\n

Property is such a general term, isn\u2019t it? Domestic property, commercial property, property for sale, rented property, lost property!<\/p>\n

In Hospitality<\/a>, property usually means commercial premises \u2013 hotel<\/a> 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<\/a>, eat, have fun, relax, and to take advantage of all the offered in-house services available.<\/p>\n

Hotel chains spanning the globe will own numerous, probably huge, properties of course, which can mean huge profits for them. But with owning all these bricks and mortar assets comes a responsibility: an onus on hotel chain<\/a> management to ensure that buildings are always kept safe for guests and staff alike. Specifically-tailored insurance must also be in place, and then there is the ongoing cost of maintaining and servicing hotel property, which can amount to a lot of money each year. Remember also that when a hotel is being maintained and\/or partly redecorated, that will almost certainly mean a loss of bookings revenue until the work is completed.<\/p>\n

Other types of property<\/a> can be small-sized independent hotels that can be charming inns in rural villages.<\/p>\n

See Also:<\/strong><\/p>\n