Visit Jersey has partnered with STR to connect you with the most reliable hotel benchmarking data on the market. Through the insights provided by STR, you can compare your performance against the competition and make better, more informed strategic decisions. Find out more about STR below and if working together could benefit your business.
Who is STR?
Founded in 1985, STR has been the industry’s trusted solutions provider for more than 35 years and features the world’s largest hotel benchmarking participation with tens of thousands of properties and millions of rooms across the world. They are available where you need them, when you need them with more than 300 team members in 15 countries, including their corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore.
The acquisition of STR by CoStar Group, Inc. (NASDAQ: CSGP) means more information available at your fingertips as they build an integrated product within the world’s leading platform for commercial real estate information.
"I sometimes wonder what we ever did without it"
“STR has proved to be a valuable resource for The Atlantic Hotel, enabling us to compare the performance of our business on a daily basis against others in the marketplace in terms of occupancy, average daily rate and revenue per available room. To be honest I sometimes wonder what we ever did without it. They are unquestionably the leaders in their field and I must say that their new forward bookings service looks very promising as well.”
The areas being reviewed: Occupancy, Average Daily Rate and Revenue Per Available room. This information is key to maximising room revenue throughout the year and being able to benchmark this against competitive sets and the whole market to monitor individual performance.
STR allows this to happen with accurate and meaningful information which you as a member supply.
Visit Jersey’s goal would be for all accommodation providers to be members of STR and in turn this would give all of us a true and accurate analysis of the market, which would be invaluable in managing this very important revenue stream.”
Owner and Managing Director, The Atlantic Hotel
Make evidence-based decisions
“It allows you to benchmark against other similar accommodation providers to see how well you are doing in comparison. This means you can make evidence-based decisions using the key performance metrics provided. Not only that, but it’s easy to do and if you just want top line figures – all you need to do is input a few key figures on a monthly basis”
Head of Research and Insights, Visit Jersey
What STR provides
Benchmark your occupancy, ADR and RevPAR against the competition or market segment on a daily, weekly, and monthly basis.
Expand your revenue view to include F&B and other departments while also analysing the relationship with room revenue.
Visualise your property’s strategic position in comparison with your competition and achieve tactical gains in revenue by day of week and month.
Aggregated Competitor Insights
Aggregated performance data for a selected set of your competitors is key to making the whole process work. An additional set multiplies the insights you’ll receive.
Measure your demand mix between transient, group and contract sources.
Complete the picture and add to your historical view the future trends in demand and shifts in bookings affecting your market.
What is benchmarking?
Remove the guesswork and forget about speculation. Benchmarking is the process of comparing your performance against the competition, which adds a necessary layer of context in determining your true level of success.
The key to unlocking this level of context? Reliable data obtained directly from the source—both you and the competition. After all, you cannot argue with the cold, hard numbers that provide answers to critical questions:
- Which days of the week best yield revenue?
- How are changing market conditions affecting your performance?
- What strategic changes are needed to bolster your numbers?
It is impossible to take advantage of an opportunity if you do not know it exists. Once you have answered questions like those above, you can begin shaping your marketing, revenue management and operational strategies to ensure they are optimized for success. These small tweaks to your business processes could lead to sizeable improvements in performance and profitability.
Dive deeper into benchmarking with STR – Why Benchmark and How to Benchmark
STR Online Portal
You will receive a secure login to access STR Central (access can be for one or multiple properties, if authorised).
Once logged in you will be able to submit all required data and upload it securely. In the event of data submission errors, you will receive an automated email. Submitted data is also viewable within the online portal.
How to submit data to STR
Participation is simple. In most cases, you will only need to submit a few data points on a regular basis. STR will also talk you through data automation to streamline the process. Once you receive reports, you will find them easy to use.
Using top-line performance benchmarking as an example, a hotel securely shares its number of rooms available, number of rooms sold, and revenue. That is all that is required, and clients may submit this data through any of the following options:
- Web: Submit daily data via STR Central
- Email: Enter data in an Excel spreadsheet and email over
- Connect: Hotels and chains with property management systems can submit data directly to STR through an automatic connection
- Feed: Hotels and chains with data systems can use a script to automatically upload data through STR’s FTP site
- File Transfer Protocol (FTP): Enter data in an Excel spreadsheet and upload to STR via our File Transfer Protocol (FTP) site
Data automation with STR
Eliminate the manual work, begin data automation with STR so you can focus on what matters most. This saves you time, streamlines the data accuracy process and improves efficiency.
What is data automation?
This process allows STR’s clients to send data through an automated feed.
How does data automation benefit me (the hotel)?
You no longer need to submit data manually via the STR website.
- Full comp set data
- More data points
How can I automate?
Hotels can use data automation through one of 4 options below:
- Centralised Feed: Gain access to your portfolio’s performance data in one report, which can be accessed on STR’s server via FTP. This process is more automated than inputting your data manually on the website, and there is no cost involved.
- Report Scheduler: Your Property Management System (PMS) provides the option to send your performance report to an email address. STR can automate the loading of your data from that email.
- Revenue Management System (RMS) Integration: This process involves 2-way integration.
- Property Management System (PMS) Integration
In summary, data can be sent via e-mail, SFTP or API. Accepted file types include .txt, .csv (delimited: tab, pipe, semi-colon, and space) and Excel. Please contact [email protected] for information on automating your data feed.
Renowned for its track record in data reliability and confidentiality, STR ensures the proprietary data of individual properties, brands and parent companies is never shared with unauthorised parties. They take every precaution to maintain data confidentiality, and strict controls are maintained along each step of the process to ensure that data is handled responsibly. STR reports strictly aggregated data in public forums.
See all frequently asked questions and answers.
See STR’s glossary. Definitions of KPIs are included in this glossary.