CoStar to Purchase Hotel Data Firm STR
New York, NY, October 2, 2019-CoStar Group, a commercial real-estate data firm, will purchase hotel data firm STR for $450 million.
“STR began marketing itself for sale in August, according to CoStar and STR executives. Shortly thereafter, STR and CoStar Group struck a deal, the executives said. The all-cash purchase is expected to close late this year.
“As one of the world’s largest hotel data collectors, STR gathers confidential information on such metrics as revenue and occupancy from more than 66,000 hotels world-wide in some 180 countries. Lodging owners and hotel companies including Marriott International Inc. and Wyndham Hotels & Resorts Inc. use STR data to compare their own performance-in some cases daily-with competitors.
“The acquisition opens up a new market for CoStar, which hasn’t been a major player in the hotel industry.”