WASHINGTON — CoStar Group has launched STR Benchmarking, a transformational market share product for the global hotel industry. STR Benchmarking represents the next generation of STR, with the company’s hotel data benchmarking, analytics and marketplace insights integrated into CoStar’s industry-leading information, analytics and data-driven news platform.
The first release of STR Benchmarking focuses on property-level data and analytics for hotel owners and operators with enhanced functionality built on the foundation of the renowned STAR Report. The intuitive, multi-lingual software also rolls out new functionalities, such as user and competitive set self-management as well as high-frequency updates to data. Future product enhancements, which are expected to begin rolling out later this year, include portfolio-level benchmarking, monthly P&L, average-length-of-stay data and forward-looking occupancy.
“This is a historic day for CoStar Group, and most importantly, for the global industry that has based its business decisions and success on STR’s reports for nearly four decades,” says Andy Florance, founder and CEO of CoStar Group. “STR Benchmarking is one of the most sophisticated software products CoStar Group has taken to market, with STR’s industry-standard metrics and reports centralized and digitized to deliver real-time analytics, intelligence and functionality. This software is built to evolve and scale with new data sets and property types.”
“STR Benchmarking honours the legacy of STR’s reporting while meeting the evolving needs of our industry,” says Amanda Hite, president of STR. “Through this product, our clients will optimize their strategic internal collaboration and decision-making across their own hotel portfolios, sales and marketing departments, revenue and performance management teams, operations, finance and development. By building a comprehensive benchmarking solution, we’re unlocking tremendous potential for our clients and positioning CoStar and STR to increase the value of our product.”