Commercial real estate data giant CoStar Group has agreed to acquire hospitality analytics firm STR for $450 million in cash, subject to adjustments in the definitive agreements. The transaction is expected to close in the fourth quarter.
“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 to optimize and improve their assets,” said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. “STR brings an unrivaled reputation within the global hospitality industry for their data integrity, reliability and strict confidentiality.”
STR was founded in 1985 as Smith Travel Research to provide performance benchmarking and comparative analytics to hotels. Today, it aggregates data from over 65,000 hotels worldwide, representing nearly 9 million guest rooms in over 180 countries. The company’s flagship STARreport provides hotel brands, owners and management companies benchmark information with more than 1.2 million reports distributed each month. CoStar currently provides basic building information on 80,000 hotels, 45,000 hotel sale comparables and 4,500 hotels offered for sale.