The Hill is an encompassing region that has particular importance to the masters of Bag-End. To begin, it holds the hole itself and the accompanying Party-Tree. Few will ever forget that night of Bilbo's birthday party when he disapeared in an instant! Not that many of the guests took well to that. Yet the area has earned considerable reknown because of it.
The Hill is truly a sight-seeing area. It contains, as previously stated, Bag-End and the Party Tree. Yet there are also a number of ovens in the vicinity of the Party Tree for prosperous cooks.