Intro To STR: How B&B's/Inns Can Utilize The Star Report

The presentation was by Business Dev. Sr. Associate Lyse Perrigo.

STR Overview

The world's largest hotel performance sample:

• Over 35 years of expertise
• Data from 180 countries
• 68,000 hotels
• 9.1 million rooms

Did you know? Hundreds of bed and breakfasts and inns use the STAR report on a daily basis to help with pricing decisions?

Revenue Management & Performance Data

STR Academy:

• Analyze: results to understand where you are; big picture total look at your current position against your competitive set and market.
• Identify: areas of improvement; based on findings from the first stage, specific measures that can be positively impacted need to be discovered
• Develop: build your strategy; once the areas of focus are identified, a strategy needs to be developed and supported by realistic goals or success metrics
• Monitor: your progress and refine your strategy; all plans need to be thought of as living. They need attention and monitoring and at times adjustments and corrections

Did you know? STR never shares individual property data with anyone under any circumstances. Your data is 100% protected. Your new business tool, 100% free of charge. 18 months of historical data. Occupancy, ADR, RevPAR your property vs. your market.

Questions the report can help answer: If I overpriced, did my occupancy suffer as a result? Use this report to sell:

• The RIGHT product
• To the RIGHT customer
• At the RIGHT time

Benefits

Free option: hotel survey

• Understand when/if demand is returning
• Compare how your property compares vs the market
• Understand your weak months and your strong months
• Understand strong months for your market and where you have opportunity to capitalize

The paid option: STAR report

• Choose 4 to 8 competitors
• Weekly data
• Keep a pulse on your competitor's Occupancy, ADR and RevPAR and compare that to your own
• By monitoring these reports, you can make adjustments and improve performance

Similarities between the reports:

• Replace assumptions with facts and monitor the impact of your business decisions with a clear performance picture
• The data we provide is confidential, reliable, accurate and actionable

Forecast

AHLA & STR Research

• 72% of Americans unlikely to travel for Thanksgiving
• 69% of Americans unlikely to travel for Christmas
• 65% of Americans unlikely to travel for Spring Break
• 3 in 10 have taken an overnight vacation or leisure trip since March
• 8% have taken an overnight trip since March
• 8% expect to travel for business within next six months
• 44% say next hotel stay for vacation or leisure will be a year or more from now
• 36% Urban market hotel occupancy for the week ending October 31
• 44% Nationwide hotel occupancy for the week ending October 31

Key Takeaways
1.  Your data will be kept 100% confidential
2.  Hundreds of B&Bs/inns use our free report option to understand how they compare to the market, identify areas of opportunity but also understand where they are performing well
3.  Simple, concise and the truest picture of demand. All data comes direct from the PMS.
4.  Slow recovery, holiday plans/2021 spring break likely to yield poor results