I prefer set different taxonomies with distinct slug for them, I’m dealing with a project alike yours:
- Hotels (taxonomy is continent-hotels) values: Europe, Asia etc
- Places (taxonomy is continent-places) values: Europe, Asia etc
Even if both itens share same taxonomy and value, is easier to link the content than filter in frontend. Maybe I’m wrong but things seems tidier this way.
You can use non-hierarchical taxonomies for especific items such Hotels (romantic, economic, etc).