It would be one of your Areas of Focus if you are maintaining or overseeing the relationship with that hotel. Areas of Focus don't go away until you stop maintaining or overseeing that area.

It would be a project if there is something to resolve or complete with that hotel, within the next 12 months. Projects always have a defined finish line or outcome.

To me, it sounds like the hotel would be an Area of Focus, but this particular issue, if you are involved in the resolution of this, would be a current project.