CoStar Group is set to provide STR’s hotel data subscribers with access to the full CoStar product.
“Today, CoStar becomes the product for tens of thousands of hotel users worldwide,” CoStar Group Founder and CEO Andy Florance said in a statement. “With access to the full product offering, hotel owners, operators and brand representatives will gain comprehensive insights across all commercial asset categories, enabling them to refine their sales strategy and identify new investment opportunities.”
CoStar will help users leverage multisegment market analytics and forecasts, tapping into a tenant database comprising 7.8 million spaces, an inventory encompassing 6.7 million properties, a pipeline tracking 79,000 projects and a transactions database containing 4.2 million sales comps.
The latest iteration of STR’s benchmarking solution debuted within the CoStar product in May 2023. The comprehensive, multi-lingual solution is built upon a foundation of core historical metrics, delivering an enriched STAR Report, detailed property and portfolio-level insights, and advanced visualizations tailored to streamline revenue and performance management, operations, sales & marketing and finance.
“CoStar is our product and our investment in the future of the industry,” STR President Amanda Hite said. “Last year's launch was just the beginning of our journey toward this significant milestone. While confidential performance benchmarking remains the focus, the extension of CoStar's commercial intelligence enhances the solution we provide our hotel clients, covering every aspect of the property lifecycle.”