No. CoStar is our product. Benchmark is a premium feature of that product available only to hotel data providers that subscribe with STR.
CoStar + Benchmark
(A) Is STR Benchmarking still a separate product?
(B) How will the expanded product affect contracts and pricing?
If you currently hold licenses for both Benchmarking and CoStar product, your pricing structure already encompasses the comprehensive value of our complete product offering. When it comes time for renewal, we'll discuss the best approach to your contracts. No immediate action is necessary; simply await our coordination at the time of renewal.
If you solely hold a Benchmarking license, we will engage in a discussion regarding your contract upon renewal. Each agreement is customized based on company size and license types.
(C) Are training resources available?
All training is automated throughout the software. Users have confirmed the ease of use, helpful nature of guides and tutorials, and an overwhelmingly positive product experience. In addition to product demos with your STR representative, we also recommend our webinar titled “Unlocking CoStar: A Guide for Benchmark Users,” which will take you through the features of product that will be most valuable for hoteliers.
(D) Is training available for the new parts of the CoStar product that I can now access?
A comprehensive calendar of training webinars is available to guide you through the features of CoStar product. We strongly advise beginning with "Unlocking CoStar: A Guide for Benchmark Users." Subsequently, you should explore more focused sessions like the "Tenant Enhancements Overview," which highlights features that will help your lead generation efforts.
(E) How long will STR legacy reports continue?
Until you have been upgraded to CoStar, there is no timeline for a change with the reports you receive. Once you are in the new product, there will be a 30-day overlap period when STAR, Bandwidth, RPM, etc. are still delivered as legacy reports. Corporate Reports, Data Files, P&L and Forward STAR will continue to be delivered as separate reports until that functionality is released in STR Benchmarking.
(F) What are the different license types for the product and who should receive them?
Superuser – This license is provided to company administrators who will manage functionality. These users are able to grant themselves a Benchmarking license for full access to product.
Benchmarking – This license provides full access to product, including all STAR screens, Competitive Sets and advanced analytics. A Benchmarking license is assigned to employees of companies that are direct clients of STR, such as brands, third-party operators and owners.
Published View – This license provides limited access to product, primarily STAR screens and a primary Competitive Set only. A Publish View license is assigned to employees of companies that are not direct clients of STR but have a relationship to a property covered under an STR contract. These companies can include any owner or operator that does not have a benchmarking license with STR (i.e. a franchised hotel with independent owner) as well as lenders, asset managers, revenue management consultants, etc.
(G) What if I am in a country where the full CoStar product is not yet available?
You will continue to be priced solely on the value of the Benchmark feature.
(H) I am a Benchmarking client. Does this update mean I will be working with different people?
No. The same leadership, sales teams, account managers and client support specialists you know from STR remain dedicated to your product experience.
(I) Will clients in the CoStar product also receive access to Benchmark?
Benchmark is a feature only available to hotel data providers that subscribe with STR. If you are a hotel owner, operator or brand representative currently using CoStar, we are excited to introduce you to our powerful Benchmark feature.
(J) What’s included with the full CoStar product that Benchmark clients will now be able to access?
Benchmark clients will now be able to analyze, interpret and gain unmatched insight on the entire commercial property market.
In addition to the industry-specific data sets you have come to expect from us (Comp Sets, top-line historical metrics, P&L, forward bookings, etc.), applicable countries will show full commercial real estate inventory and pipeline, contact and tenant listings, transactions, CMBS loan information, market analytics and forecasts. This comprehensive solution will open a new world of opportunity around acquisition, operations and divestment.
(K) Why is STR moving clients to one product?
Our product offering was developed and expanded to meet the evolving needs of our industry. We have made a substantial investment in a transformative Benchmark feature, which unlocks tremendous potential for our clients and positions us to scale product through new functionality, data sets and property types.
(L) Will anything change with Competitive Sets?
Yes, management of Comp Sets looks different and includes dynamic, self-service functionality that eliminates the need to work through STR’s Client Services team. You control access via permissions for which users can edit and create Comp Sets. Updated search functions and in-software isolation checks expedite the process, and multiple sets can be created and shared with third parties at no additional cost.
(M) Is anything changing with data access or performance confidentiality?
Your proprietary performance data is still protected by our industry-leading confidentiality guidelines. As initiated with the initial launch of Benchmark last year, access to our data is no longer defined by distribution lists. Access is now managed through licenses, controlled by dynamic self-management functionality within product. We are providing enough licenses to migrate existing users for every client.
(N) Is the STAR Report going away?
No. The STAR Report and Competitive Sets remain a staple of our offering. We have just moved that functionality into the more secure and interactive setting that is the CoStar product. STAR Reports are available for download within the Benchmark feature of CoStar.
(O) What does this mean for non-data providers (destinations, investors, developers, etc.)?
We are currently serving non-Benchmark clients through a combination of STR legacy reports and the CoStar product. CoStar will be the single solution of the future for this client type with more hospitality functionality being developed in the product. This will provide industry stakeholders with an expanded view of the market and far greater value overall.
General
How are hotels classified by STR?
Chain Scale Segments
The Chain Scale segments are: Luxury, Upper Upscale, Upscale, Upper Midscale, Midscale, Economy and Independent.
Chain Scale segments are grouped primarily according to actual average room rates. An independent hotel, regardless of average daily rate (ADR), is included as a separate Chain Scale category.
Class Segments
Hotels are categorized by the following class segments: Luxury, Upper Upscale, Upscale, Upper Midscale, Midscale and Economy.
The class for a chain-affiliated hotel is the same as its Chain Scale. An independent hotel is assigned a class based on its ADR, relative to that of the chain hotels in their geographic proximity.
How does STR collect data?
On a daily, weekly and monthly basis, STR processes performance data from hotels all around the world. This data is submitted straight from the source: chain headquarters, management companies, owners and directly from independent hotels. The data is checked for accuracy and for adherence to our reporting guidelines.
How does STR forecast markets?
STR’s Market Forecasts are created in partnership with leading forecasting company, Tourism Economics. Our historic market data, market event information, and both general and local economic indicators, are combined to predict the behavior of the hotels in each market. Tourism Economics applies its economic model and analysis found in the report.
Each market is handled uniquely and has its own best-fit forecast model that provides the highest rate of forecast accuracy. For example, as London accommodates many international visitors, currency exchange will be a more significant indicator than in Manchester, as this market is driven predominately by domestic demand.
How many hotels are included in STR's data sample?
STR currently collects data for more than 85,000 hotels around the world.
What data does STR collect from hotels?
We collect rooms available, rooms sold and net room revenue on a monthly, weekly and daily basis. We also collect data broken down by source of business (transient, group and contract) and source of revenue (room, F&B and other). On an annual basis, we process profitability data by department. In a growing number of markets, we collect forward occupancy data. Learn more about Historical Benchmarking Data Reporting Guidelines.
What is a Competitive Set (Comp Set)?
A Comp Set is a group of hotels that compete with your property for business and is selected with the purpose of benchmarking your performance against the competition. Read more here.
What is ADR?
Average daily rate is a measure of the average rate paid for rooms sold. This is calculated by dividing rooms revenue by rooms sold. Read more here.
What is benchmarking?
Benchmarking is the process of comparing and analyzing your property or portfolio's performance against the competition. The benchmarking process draws on our robust historical data to provide you with a better understanding of the market and context in which you operate. Read more here.
What is RevPAR?
The gold standard metric around the industry, revenue per available room is calculated by dividing total room revenue by total number of available rooms. RevPAR is a function of both occupancy and ADR.
Read more here.
Where can I find a participation list for my market?
Please get in touch to discuss participation lists for your markets. You can find contact details of offices in your region here.
Confidentiality
Can I access individual hotel data?
Only an authorized representative of an individual hotel, brand or parent company can access the data of those respective entities. We take every precaution to maintain data confidentiality, and strict controls are maintained along each step of the process to ensure that data is handled responsibly. STR reports strictly aggregated data in public forums.
I am missing Comp Set data, can you tell me which hotel has not provided data?
No, STR reports aggregated data only. We do not release individual hotel, brand or company-specific data.
Reports and participation
How can my hotel participate with STR?
If you are affiliated with a chain, please contact your corporate office, because many major chains, management and ownership companies have made provisions for their hotels to participate.
If your chain does not participate or you are an independent hotel, please contact us directly for assistance.
How do I report Rooms Revenue figures?
Included in Rooms Revenue figures: ‘no-shows’, surcharges and service charges (property acting as principal), partial day and ‘day use’ revenue, pet or smoking rooms, early/late departure fees, rollaway bed/crib rental
Excluded from Rooms Revenue figures: Resort fees, Commissions and Fees – Group, Product or service-related refunds, group attrition (cancellation) and transient guest cancellation, food and beverage ancillary fees, pet or smoking fees, surcharges, service charges and gratuities (property acting as an agent), gratuities, taxes and government-mandated surcharges.
Full details here.
How do I report Rooms Sold figures?
Included in Rooms Sold figures: Day use and partial day room sold, rooms occupied without charge in connection with a promotion or contract
Excluded from Rooms Sold figures: Complimentary rooms, ‘no-shows’, owner-occupied condominiums
Full details here.
How do I submit data during closures?
Holiday closures (voluntary closures of less than 1 month)
Data should be submitted via the STR website, with full available rooms, zero rooms sold and zero revenue.
Seasonal closures (annual closure for one month or longer)
Data does not need to be submitted for seasonal closures, but you will need to notify us to ensure correct reporting. Please email hospitalityresearch@str.com for all regions.
Full details here.
What types of closures does STR record?
STR reports four types of closures:
- Under construction
- Under renovation
- Partial month/temporary closure
- Seasonal closure
Understanding your reports
How and why is running data calculated?
Running data is used to smooth out seasonality and to better identify the underlying trend. Running data is a sum of the data for the month or day in question plus the applicable running period.
For example, a running 3-month number is the average of the values for the current month and the previous two months; a running 12-month number is the average of the values for the current month and the previous 11 months. Running 3-month data for July would be calculated by summing the data of May, June and July. Running daily data works on the same principle (e.g. running 7 days for Sunday the 17th would be a sum of Monday the 11th through Sunday the 17th).
How are percent changes calculated?
Hotel and comp set performance changes are measured against the same period last year. The percent change is calculated using the following formula:
(This Year-Last Year) / Last Year.
If a percent change column in blank this means that current and/or historical data has not been received.
I would like to question some of my report's information, what should I do?
If you are a branded hotel, please contact your chain or management company representative. Independent hotels should contact us directly.
What does running 28 mean?
Running 28 days is the most recent 28 days of historical performance. The running 28 day numbers are based on the most current 28-day period, ending with the last day included in the weekly report.
What does running MTD mean?
It stands for running month-to-date. The MTD numbers are based on a calendar month and include all days of the same month, through the most recent calendar day included in the report. If the most recent week’s reporting includes data in two calendar months, the MTD numbers only include data from the recently-ended month.
What is my hotel's rank?
Your hotel’s performance is ranked against the other properties in your comp set. If your hotel’s RevPAR rank is “2 of 6,” that means your hotel’s RevPAR was second highest of the six hotels in your comp set.
What is the difference between Census and Sample rooms?
Census Rooms refers to the number of rooms collected and stored in our Hotel Census Database. Sample Rooms refers to the portion of the total census from which we receive performance data.
Why do you collect the previous year's data?
We collect prior year data to calculate year-over-year percentage change and check the accuracy of previously submitted data.
Why is there a large range for my percent numbers?
The data for this year vs. the same period last year may vary, depending on a number of factors such as holidays, calendar shifts, special events and promotions.
Calculations
How do I calculate ADR?
ADR is calculated by diving the total rooms revenue by the total number of rooms sold.
Room Revenue/Rooms Sold = ADR
How do I calculate market penetration index (MPI)?
MPI is calculated by dividing the subject hotel's occupancy by the occupancy of the aggregated group of hotels and multiplying this number by 100.
(Subject hotel occupancy / Aggregated group of hotels’ occupancy) x 100 = Market Penetration Index
How do I calculate occupancy?
Occupancy is calculated by dividing the total number of rooms sold by the total number of rooms available.
Rooms Sold/Rooms Available = occupancy
How do I calculate revenue generating index (RGI)?
RGI is calculated by dividing the subject hotel's RevPAR by the RevPAR of the aggregated group of hotels and multiplying this number by 100.
To calculate RGI:
(Subject hotel RevPAR / Aggregated group of hotels’ RevPAR) x 100 = RevPAR Index
How do I calculate RevPAR?
RevPAR is calculated by dividing the total room revenue by the total number of available rooms.
Room Revenue/Rooms Available = RevPAR
Competitive Sets (Comp Sets)
How can I choose my ideal comp set?
Your biggest competitors are the properties sharing the highest amount of potential customers. This often means that your competitors are those sharing similar traits with your property or properties.
Distance, size, market segment, quality of service, online reputation and average daily rate are all necessary factors to consider when choosing your comp set. Analyzing each of these factors will help you narrow down your search and minimize the risk of picking the wrong comp set.
What happens if a hotel in my Comp Set does not participate?
If a hotel in your comp set fails to report data, we estimate their performance at the average of the reporting hotels in the Comp Set.
If a hotel closes, its data is not estimated in your comp set numbers. If a closing reduces your Comp Set hotel count to less than four, the comp set will be insufficient and the column will be blank. Please contact us for further information about a non-reporting hotel, data chasing or methodology questions.
What if there are blanks in my comp set numbers on my Bandwidth Report?
This means that your comp set did not include sufficient data for reporting. A minimum of three (3) hotels must report data in order for STR to provide comp set performance.
Why am I being compared to submarket scale or market scale instead of my Comp Set?
If your Comp Set did not include sufficient data for reporting, the comparative data will default to the most relevant industry segment available.
Data Automation
Can I automate my data to STR?
Please contact integration@str.com for information on automating your data feed.
How can I automatically deliver my data to STR?
Data can be sent via e-mail, SFTP or API.
What file types can I use to transfer my data?
Accepted file types include .txt, .csv (delimited: tab, pipe, semi-colon, and space) and Excel.