STR (previously Smith Travel Research), a hotel performance benchmarking firm, has agreed to sell to CoStar Group, a Washington D.C. based real estate data and analytics company.
STR currently aggregates data from 65,000+ hotels from 180 countries and distributes over 1.2 million reports each month. CoStar will integrate STR’s current offerings with their own, and plans to develop new products to expand the company’s global footprint.
Amanda Hite, STR President & CEO said, “We are very excited to become part of CoStar. CoStar brings leading technologies, analytics and sales capabilities that we believe will enable STR to accelerate growth and increase the value and insights we provide to our hospitality clients. This combination also represents an outstanding career opportunity for all of our employees around the world.”
“STR brings an unrivaled reputation within the global hospitality industry for their data integrity, reliability and strict confidentiality, and we look forward to continuing to build on these core values in the next chapter of STR’s growth” said Andrew Florance, CoStar’s founder and CEO.
The sell is expected to close by the end of 2019.