This video will lay the groundwork for learning how to read a STR Report, a must know for Hotel Revenue Managers. Faced with the unprecedented impact of the coronavirus pandemic, the global hotel industry turned to the data benchmarking experts at STR to remain connected with performance trends and track the early signs of recovery. 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Is Your Hotel Budgeting for Voice Technology? Is your performance up or down? A basic overview of the Weekly Star Report from Smith Travel Research (STR). The genius part of STR's model is that these hotel customers also contribute their own performance metrics which STR then packages and resells to competitors and investors. STR: Preliminary November data for Sydney hotels . Hotels provide their financial results to STR and in return are given market level data at no cost. STR was recently bought by real estate data firm CoStar Group for a massive $450M all cash deal. Whether you are embarking on a hotel development project, buying or repositioning a property, or just looking to better understand the hotel industry, Trend Reports are the ideal resource to help you conduct a thorough analysis. Is a particular day of week performing better than others? Check the top of your report under the title to determine whether or not your hotel is excluded. It tells us the “what” but not the “why.” To really understand what’s happening in your hotel’s performance and the market, you’ll want to dig into the “why” behind the data. Members of the media should refer to the contacts listed below for additional data requests. About STR STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Since the transient segment generally has higher ADR than group, that might explain why your ADR was down overall. Turns out there is. 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So I thought I’d see if there is any specific list of hotel classifications. There’s a reason why STR reports are so popular, but it’s important to remember that they don’t always tell the complete story. Version 30 Download 170.00 KB File Size 1 File Count April 22, 2020 Create Date April 22, 2020 Last Updated Download File1189836_MarketNewYorkNY.xls Login is … OTA Insight to release new End-to-End Parity Solution at HITEC Minneapolis, Tech Partners Show Off Innovation in the Hapi Marketplace Booth at HITEC 2019, Trend Digest: Why back-of-house tech shouldn’t be back-of-mind, Boost Your Hotel Revenue with Top Ranked Hotel Technology Apps - 1-Click-Connect and No Activation Costs with protel, Universal platform for operational management of the workflow of the hotel in real-time, created by hoteliers for hoteliers, Leading Hotel Guest Messaging Platform, Whistle, Releases WhatsApp Integration, Artificial Intelligence, and Upselling Ahead of HFTP HITEC Minneapolis 2019, Zingle Unveils Next Evolution of AI-Powered Guest Messaging Platform for Hotels, Zingle raises $11 million to unify hotel messaging services, Dream Hollywood Reimagines Guest Marketing with INTELITY, INTELITY to Debut Enhanced Staff Features and Functionalities at HITEC Minneapolis, Whistle Ranked #1 Guest Messaging Platform For Second Consecutive Year In HotelTechAwards, Quore collaborates with Whistle for integration, SkyTouch Technology and Whistle Messaging, strengthen strategic relationship to further innovation in cloud based digital assistance for customers, WebRezPro Cloud PMS Partners with Whistle Guest Messaging Platform, Whistle provides next-level guest satisfaction for hotel guests, Whistle adds Chargerback lost-and-found function, Heritage Hotels selects communication provider Whistle, How to combat the soaring rate and cost of Cancellations, Google Hotels joins the battle for bookings, The role of storytelling in the bid for direct and repeat bookings, Discover the financial benefits of a great reputation, Revinate and GCommerce Announce Partnership to Help Hoteliers, Turning a serviced apartment stay into an experience, IDeaS Wins Coveted Global People’s Choice Award in the 2019 HotelTechAwards, The importance of a meritocracy like TripAdvisor in hospitality, The 3 big mistakes that revenue managers make, 5 Reasons To Integrate Video Into Your Marketing Strategy Now, 3 New Technical Strategies To Personalize Your Targeting, Mobile Communication Tools Connect Teams at InterContinental Miami. STR: US hotel results for week ending 26 December 5 things to know: 30 December 2020 US hotel profitability worsened in November We’ll explain a few strategies to reading a STR report effectively, like looking for trends, comparing year-over-year numbers, and taking notes so you can get the most out of the report. You can find your own hotel’s data in your property management system, so the real advantage to looking at a STR report is understanding how your hotel is performing against other properties. On subsequent sheets you can explore further into your year-over-year trends to pinpoint which metrics were affected. Q3 2020 Hotel Horizons® According to the recently released Q3 2020 edition of Hotel Horizons®, CBRE Hotels Research is forecasting an average national occupancy level of 44.4 percent during the first half of 2021. Visit Hotel News Now for the latest industry news around COVID-19 and its effects on forecasts, performance and earnings. The U.S. hotel industry reported its lowest third-quarter occupancy level on record, according to Q3 2020 data from STR. Why Does the General Manager, Management Company & Hotel Owner Need HKeeper? Every Tuesday STR customers receive a "STR Report" showing their hotel's performance against a local compset so they can see how they're doing on a relative basis. Hotel management teams can easily get tricked by a STR Report if they have picked the wrong compset. 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However, some clients choose to exclude the subject hotel from the comp set. Maybe this year’s holiday email campaign didn’t see as strong of results as last year’s, so that could be the reason why your December occupancy was lower than last year in the STR report. Compare to last year and try to make inferences. STR: Preliminary November data for London hotels . Having built the world's largest hotel performance database, we understand our role in providing the solutions needed to help the industry operate through the best and worst of times. For more information or to order any of these reports, please email firstname.lastname@example.org or call 615-824-8664 ext. STR currently tracks more than 60,000 hotels … When you look on your “Segmentation at a Glance” sheet, you might notice that your group segment grew while your transient segment decreased. Funded by the American Hotel & Lodging Educational Foundation (AHLEF) and conducted by Smith Travel Research (STR), this study found that 61% of U.S. hotels (33,651 hotels) are considered small businesses. Developed by the hotel management analytics firm Smith Travel Research, the STR report is a benchmarking tool that compares your hotel’s performance against a set of similar hotels. In this article, we’ll share some tips on unlocking the treasure trove of data within your STR report whether hotel business is in North America, Europe or Asia Pacific. ADR is the average room rate sold for a given time period. But the STR report isn’t the only tool you can use to take your hotel’s performance to the next level. This video shows you how to get more out of your STR report by looking at things such as Market Segment Contribution and Length-of-Stay. Faced with the unprecedented impact of the coronavirus pandemic, the global hotel industry turned to the data benchmarking experts at STR to remain connected with performance trends and track the early signs of recovery. Powered by data obtained directly from the source, dSTAR provides users with an in-depth understanding of market position based on long-term trends while identifying areas for improved performance and optimized revenue management and sales strategies. Did the week perform better than last year? According to a joint analysis of 27 global markets by STR and AirDNA, the hotel industry has made “promising” weekly occupancy gains since the low point of the COVID-19 pandemic, while short-term rentals are nearing last year’s levels in revenue per available room. Keeping More Tourism Spend in Destinations is Crucial for a Sustainable Hospitality and Tourism Development in Africa. 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RevPAR can also be calculated as ADR x Occupancy. If you're looking for information not included on this landing page, please. Take meticulous notes in your analysis so that you can track trends over time. A year from now, when you wonder why your year-over-year numbers look the way they do, you can look back and thank yourself for taking detailed notes! A revenue manager should have more tools in his or her toolbox to interpret data, such as business intelligence system and rate shoppers, to further explain the information that a STR report provides. STR has a genius model where hotels pay a monthly fee to see competitor data like occupancy rates, RevPAR and ADR. Year to date through the first 11 months of 2020, the stock index was down 17.4%. Review, Compare and Evaluate top hotel management software providers. Let’s start on the “Glance” sheet, which follows the Table of Contents. But what does STR do? Occupancy is expressed as a percentage, like 78%. How Can Hotels Improve Revenue During the Autumn and Winter Months? That was the average hotel occupancy rate for all top 25 U.S. travel markets between January and November, according to STR, versus 74% during the same period in 2019. And was your performance in line with the compset or different? SuitePad and Gold Key Media are celebrating their 200th joint customer! Or STR will provide compset data to hotel operators who buy such data. There’s no need to wait a week until the new STR report comes out; if you notice that your hotel is losing occupancy to the compset, you might want to see exactly what rates your compset hotels are selling. Hotel Tech Report features pricing, alternatives, analysis and verified user reviews for your hotel. For example, maybe your occupancy stayed the same, but your ADR decreased. For more videos and articles visit jadvising.com The STR report uses a variety of metrics to show performance data. The data are broken down by market, with every area in the state being covered by at least 1 market. Once you’ve mastered this one, you’ll want to dive into more detailed real-time data from a business intelligence solution, such as Revenue Insight, or a live rate shopping tool like Rate Insight. Once you can read a STR report, you can apply your knowledge about your hotel markets compset and market trends to your own hotel’s strategy, which will help you meet your revenue and occupancy goals. Let’s rewind a bit; what exactly is a STR report? This measure increases to 55.7 percent during the year’s second half. It is also the sponsor of the Hotel Data Conference. In short the STR report provides a competitive set benchmarking tool to a hotel operator by comparing it against those other hotels that it sees as being competitive to itself. Rate ranges defining each Chain Scale are determined by STR. Once you’ve chosen a solid competitive set and have received your new report, it’s time to dive into the data. You might add notes about a group booking that cancelled last minute as a cause for low occupancy numbers, or maybe a hotel next door had a power outage and you received a lot of unexpected business that led to higher RevPAR on a particular date. A map of the markets may be found below. While the STR report shares a lot of valuable data, it’s purely quantitative. We make it fun, easy and accessible for hoteliers to discover technology that grows their businesses. 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