# Property improvement plan

A term used when buying hotel.

The renovation scope a franchisor requires at sale or renewal, called the PIP.

A flagged hotel changes hands through the franchisor, and the franchisor uses that moment to demand the property be brought to current brand standard: new soft goods, case goods, sometimes systems and exteriors. The PIP is a six or seven figure bill that arrives with the keys. No flagged deal prices honestly until the PIP scope is in writing from the brand, not estimated by the seller, and the financing plan carries it beside the purchase itself.

Part of: Buying a Hotel (https://searchspheresource.com/guides/buying-a-hotel)

Source: https://searchspheresource.com/guides/buying-a-hotel/terms/property-improvement-plan
Not dated: The same editorial definitions as the glossary, inside a trade.

Site index for machines: https://searchspheresource.com/llms.txt