What is the meaning / definition of Property in the hospitality industry?
Property is such a general term, isn’t it? Domestic property, commercial property, property for sale, rented property, lost property!
In Hospitality, property usually 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 advantage of all the offered in-house services available.
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 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.
Other types of property can be small-sized independent hotels that can be charming inns in rural villages.