Welcome to the STR Benchmarking Explore!
The STR Benchmarking Explore is a comprehensive data set designed to provide in-depth insights into your market position by leveraging historical competitor benchmarking data. The Explore includes:
What is included in this data set?
Primary Comp Set: Evaluate your historical performance against your primary comp set, highlighting a comparison between this set and your "My Property" data.
Key Performance Indicators (KPIs): Track core metrics such as Occupancy, ADR (Average Daily Rate), Revenue, RevPAR (Revenue Per Available Room), and TrevPOR (Total Revenue per Occupied Room). These metrics give a holistic view of both rooms and other revenue streams like Food & Beverage (F&B) and Other revenues.
KPI Indexes: Measures a hotel's performance relative to the comp set. Calculated as (Property ADR / Comp Set ADR) * 100. An index greater than 100.0 represents more than the expected share of the property or comp set's performance while an index below 100.0 reflects less than the expected share of performance.
Enriched Data Layers: Utilize Area and Brand data enrichments to conduct portfolio-level analysis, enhancing your understanding of how your properties perform within their respective markets and brand categories.
How does STR compile your data into "My Property" data?
Your STR data is compiled from various sources and prioritized for accuracy to ensure you receive the most reliable information. Some of you submit data directly from your Property Management Systems (PMS) or Revenue Management Systems (RMS), which ensures regular and consistent updates through an automated process. Others manually submit data through our platform, allowing for flexibility and immediate updates when needed. Additionally, many of you have data submitted through your corporate offices, involving aggregated data from multiple properties to ensure consistency with corporate standards.
STR prioritizes these submissions to display the most accurate data:
Corporate Feed: Highest priority, offering consolidated and vetted data.
Manual Submissions: Can override corporate data for immediate updates or corrections.
PMS/RMS Submissions: Lower priority but ensures consistent automated updates.
The data you see are “winning records,” meaning it’s the highest priority data available, ensuring you always have the most authoritative information. This process ensures you receive the most accurate and prioritized data for informed decision-making.
What can I do with this data?
Customized Analysis: Utilize the fully flexible and customizable date ranges and drill-down capabilities of Insights. Choose specific periods, such as a city-wide event, to focus your analysis and minimize data noise. Use KPI indexes to pinpoint when you’re over- or under-indexing, delve into macro segments, and cross-reference this with booking data from Strategic Analytics Explore for greater context into the how and why behind your performance.
Holistic Overview for Single Properties and Portfolios:
Single Property Analysis: Combine data from the
STR BenchmarkingExplore with bookings data from the Performance Insights Explore to create a detailed performance overview for an individual property. This approach aligns historical performance with forecasts and budgets, providing a comprehensive context suitable for in-depth reviews or regular reporting cycles.Portfolio-Level Analysis: Extend this strategy to a broader scale by integrating brand or area-specific data enrichments. This allows for an aggregated view across multiple properties, offering insights into regional trends or brand-wide performance. This level of analysis is essential for strategic decision-making at the enterprise level, helping to identify opportunities and challenges across the portfolio and facilitating comparisons against market benchmarks and competitors.
How do I use this explore?
Read our detailed article, "Understanding Data Differences Between Insights and STR Reports", to grasp how this Explore’s data can differ from traditional STR reports and how to integrate this information into your broader business strategies.
For more guidance or specific inquiries about integrating and leveraging this data, please refer to the Insights help documentation or reach out to our Advisory team for personalized support.