COSTAR GROUP, A real estate marketplace and analytics provider, granted STR’s hotel data subscribers access to its full product suite, enabling users to leverage multisegmented market analytics and forecasts. The services include a tenant database of 7.8 million spaces, an inventory of 6.7 million properties, a pipeline tracking 79,000 projects and a transactions database with 4.2 million sales comparables, CoStar said in a statement.
“Today, CoStar becomes the product for tens of thousands of hotel users worldwide,” said Andy Florance, CoStar Group’s founder and CEO. “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.”
STR’s latest benchmarking solution debuted within the CoStar product in May 2023, the statement added. This comprehensive, multilingual tool offers enriched STAR Reports, detailed property and portfolio insights, and advanced visualizations to streamline revenue and performance management, operations, sales, marketing, and finance.
“CoStar is our product and our investment in the future of the industry,” said Amanda Hite, STR’s president. “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.”
STR recently filed to dismiss a lawsuit alleging a conspiracy with major hotel companies to inflate luxury rates, arguing plaintiffs failed to prove a knowing price-fixing scheme via its “Forward STAR” program under federal antitrust laws.
