The About window.

A Private Room is one of the three types of Lodgings rooms. It can be rented to important NPCs: 

Many NPCs have requirements when it comes to a Private Room. Those may include a bed, a chamber pot, a chest, and so on. A general level of quality also matters. Upon clicking on the room and selecting About icon, the player may learn about the general quality of the room, its style, status, and services it offers, as well if it's rented. 

Each Private Room can be assigned a name - for example XYZ's room or Yorevale-style room - making it easier to manage them.

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