CoStar Group Launches The Next Generation Of STR
CoStar Group (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the commercial and residential property markets, announced today the launch of 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.
Acquired by CoStar Group in 2019, STR is the leader in the hotel benchmarking space with a sample of 77,000 participating properties representing 10 million rooms around the globe.
“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,” said Andy Florance, Founder and Chief Executive Officer 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.”
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, multilingual 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 is expected to begin rolling out later this year, include portfolio-level benchmarking, monthly P&L, average-length-of-stay data, and forward-looking occupancy.
“STR Benchmarking honors the legacy of STR’s reporting while meeting the evolving needs of our industry,” said 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 & marketing departments, revenue and performance management teams, operations, finance and development. By building a comprehensive benchmarking solution, we are unlocking tremendous potential for our clients and positioning CoStar and STR to increase the value of our product.”
About CoStar Group
CoStar Group (NASDAQ: CSGP), is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.
This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar Group's expectations, beliefs, intentions or strategies regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements, including the risk that CoStar Group’s business, expansion, construction and growth plans and needs change; the risk that product development and release of features, including for the STR Benchmarking product, are not as expected or do not occur at all. More information about potential factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, those stated in CoStar Group's filings from time to time with the Securities and Exchange Commission, including in CoStar's Annual Report on Form 10-K for the year ended December 31, 2022, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, which is filed with the SEC, including in the "Risk Factors" section of those filings, as well as CoStar's other filings with the SEC available at the SEC's website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements, whether as a result of new information, future events or otherwise.
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