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STR Analytics Comp Set Study analyzes 30,000 comp sets
publication date: Apr 13, 2012
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author/source: Smith Travel Research
The U.S. Comp Set Study, which analyzes 30,000 comp sets in the United States, found there is a direct correlation between the number of comp sets a property has and their revenue-per-available-room performance. "Comp sets are a vital component in helping properties understand how they stack up to their competitors," said Carter Wilson, director at STR Analytics. "Your RevPAR index is a direct reflection of not just the performance of your competition but also how relevant that competition is to you. Therefore, it's critical for hoteliers to understand their own comp set and strive to optimize it."
STR Analytics Comp Set Study analyzes 30,000 comp setsThe study also revealed that higher-tier classes and properties with higher rates are more likely to have multiple comp sets. These types of hotels are generally more complex in nature. Having multiple comp sets allows these hotels to identify more specific opportunities for growth within their competitive environments. Other key findings from the study include: · Nationally, only 45.1 percent of the properties in your primary comp set name your hotel in their primary comp set. · Room rate is one of the most accurate indicators of true competition. · Luxury, Upper Upscale, Upscale and Upper Midscale segments generally name comp sets that have average daily rates below their own ADR, while the Midscale and Economy segment properties generally name competitors with higher ADRs than their own. · Only 45 percent of all hotels reviewed had a RevPAR index of more than 100 percent. · Properties with two or more comp sets are more likely to have higher RevPAR indexes in their primary comp set, with the highest average index of 109 percent-primarily driven by rate-recorded by hotels with three comp sets. STR Analytics has studied 30,000 comp sets identifying trends and relating comp set features of similar hotels to overall performance. The study includes topics such as the importance of a correct comp set, the difficulty in determining a good comp set, what makes a good comp set, national comp set statistics, comparative comp set analytics, how does your hotel compare: average RevPAR indexes, comp magnets and comp magnets versus comp repellents. For more information on the U.S. Comp Set Study or to purchase, contact concierge@stranalytics.com.
About STR Analytics
STR Analytics offers the unique combination of experienced lodging industry experts augmented by the unparalleled international database compiled by STR. STR Analytics' unique resources enables the company to offer products and services to hotel owners, operators, brands, independents, lenders, investors, servicers, regulators and consultants that provide complete information regarding a particular property, portfolio, market or transaction. STR Analytics, located in Boulder, Colorado, is a division of STR and is associated with HotelNewsNow.com, STR Global and RRC Associates. For more information, visit www.STRAnalytics.com. T CONTACT Rachael Spann UrieDirector, Public Relations Phone: +1 (615) 824-8664 ext. 3305 Email: rurie@str.com ORGANIZATION
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The study also revealed that higher-tier classes and properties with higher rates are more likely to have multiple comp sets. These types of hotels are generally more complex in nature. Having multiple comp sets allows these hotels to identify more specific opportunities for growth within their competitive environments.
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