Hotels are buildings that give the property the most cash possible for the player. The hotels cost the same as the houses, only you give up the houses for it. They command better rents for all places except for Pacific Avenue and North Carolina Avenue, as they lose $25 when a hotel is on them compared to when 4 houses are on them as they are $1275 compared to $1100 with 4 houses. If a player lands on the hotel and they don't own it, they could pay from $250 on Mediterranean Avenue to $2000 on Boardwalk if a hotel is on them. On the higher cost hotels such as Ventnor Avenue or Illinois Avenue, they could easily bankrupt players from not enough assets to pay for them. In the standard game, there are 12 hotels, but experts may never do them, thus not only getting less money when other player land on them, they also may prevent other players to get houses to try to win the game.
Before a property can be mortgaged or traded, any buildings on it must be sold back to The Bank for one half of the cost to erect it.