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If what you're looking for is not stand-ins for real places, but just a generic place for your characters to be in, look at how real company names, real hotel names, real band names etc. are formed...
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Source: https://writers.stackexchange.com/a/39498 License name: CC BY-SA 3.0 License URL: https://creativecommons.org/licenses/by-sa/3.0/
#3: Attribution notice added
Source: https://writers.stackexchange.com/a/39498 License name: CC BY-SA 3.0 License URL: https://creativecommons.org/licenses/by-sa/3.0/
#2: Initial revision
If what you're looking for is not stand-ins for real places, but just a generic place for your characters to be in, look at how real company names, real hotel names, real band names etc. are formed. Companies often have a name formed around the product they sell (such as Toys-R-Us) or the founders' names (for example Marks&Spencer). You can create a fictional company that follows the same pattern. Hotels often incorporate into their name some local feature or historical figure, and/or something that suggests rest/luxury. A name for a band, as @hszmv mentions, can be anything really. Now that you've come up with a name, run a google search, make sure nobody has thought up the same name before you. If the name is already taken, tweak yours. If it's free, you're good to go.