Property Improvement Plan (PIP)
The renovation a hotel brand requires, usually on a sale or a new licence, to bring a property up to the brand’s standards. It is a one-off capital cost, often quoted per key, funded alongside the purchase price, and it is distinct from the annual FF&E reserve that keeps the renovated rooms up to standard afterwards.
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Browse the full glossary — 345 finance recruiting and technical terms, in plain English.