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Hotel data firm STR being acquired for USD450 million
Hotel industry data firm STR is being acquired by CoStar Group in a $450 million all-cash deal.
The transaction is expected to close in the fourth quarter.
Formerly Smith Travel Research when it was established in 1985, STR’s data are key indicators for market trends used by hotel chains as well as investors.
CoStar Group is one of the largest data firms in the office and retail property industry.
"We’re trying to get really high-quality data for a $3 trillion asset class," CoStar CEO Andrew Florance told the Wall St Journal.
"The STR team has built an extraordinary company that partners with the hotel industry to create benchmarks and analytics that are the primary tools hotel management and investors rely on," said Florance.
STR’s data analysis covers more than 65,000 hotels in over 180 countries, across various metrics like average room rates and RevPAR.
CoStar currently publishes basic building information on about 80,000 hotels, and about 4,500 hotels offered for sale.
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