A guild hall is what enables a guild to participate in GvG (guild vs. guild) battles. It's kind of like a base for your guild, and during a GvG battle you would either be defending your own hall or assaulting another guild's hall.
You need a cape and a Celestial Sigil in order to get a hall for your guild (as only the leader can get a hall for the guild). You should be able to take a look at all of the available guild halls from the docks in Lion's Arch. There will be an NPC waiting to transport you to the isles.
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