it is a word derived from french, and it refers to a walk or stroll, and to a place which is designed for taking a walk or stroll, often because of views or pleasant surroundings. It can even be used as a verb, although not commonly. There is even a certain old dance style, and the music for dancing in that style. It has quite a variety of meanings and uses.
But to answer the question, a promenade can be a synonym for a walk. Not so much a hike though, because a hike implies exertion, and a promenade has a definite idea of relaxation.