I really hope they do it the "correct" way and render the restaurant/hotel in the center of a 360° environment and then "punch out" the relevant views from each of the windows. I'm sure the space restaurant will be a bit easier to accomplish, as it will probably just have one main "window" and maybe a few smaller side windows, so they might not have to do a fully encompassing 360° render.
But when it comes to the hotel, I'd imagine they'd want to make it as fully immersive as possible, so if you're looking out your cabin's window on the port side of the ship, down at Batuu, and you then leave the room and go to another area of the ship with a window facing the same direction, you'd have a similar view just from a slightly different perspective. And if another ship passes over/under the ship you're on, I'd hope you can follow it from one side of "windows" to the other side.
I can only imagine the rendering power that'd be required to generate the massive, multi-hour 360° environments for that, and then the kind of A/V infrastructure they'd need to sync it all across the hundreds of screens throughout the hotel, but I really hope that's how they pull it off. It also really really makes me want to just walk through the hotel when it's empty with all the screens on just to appreciate the detail.