I hope this message finds you doing well and no doubt ready for meaningful performance recovery over the course of 2021 and beyond.
Over this past year, STR and CoStar Group have ramped up work to deliver to the industry a new, integrated solution that will shape the hospitality data and analytics landscape for decades to come. There is much work to be done before we reach a point of integration that will affect the larger portion of our clients and partners, but in the meantime, I am pleased to announce a key milestone that will set the foundation for later phases of our new solution.
In the coming days, census records and monthly market data for the U.S., U.K. and Canada will be released in the CoStar Suite and become accessible to CoStar’s commercial real estate clients as well as a small number of clients that were both STR and CoStar subscribers. Additionally, within the CoStar platform, we have introduced a weighted submarket methodology which is another cut of aggregated industry performance data weighted to a selected group of properties. This is different from the STR Trend report and Comp Set methodologies, which build off individual property data. We created this methodology to provide more granular performance insights within the platform while ensuring data for individual properties, brands and parent companies will remain 100% protected per STR’s confidentiality guidelines.
Overall, the data set in this phase represents a tiny fraction of STR’s offerings—current and future—but an initial launch was a necessary first step as we work toward migration of benchmarking clients and additional data sets over the next year. Until that point, the only difference many of you may experience is with enhanced hotel census and pipeline records.
I understand you may be anxious to learn more about future phases of our integration and when you will be in this new platform accessing STR data and analytics alongside CoStar’s commercial real estate data. Rest assured we will be in touch well before any changes would be made. In the meantime, feel free to connect with your STR representative. We will do our best to answer your questions.