who owns smith travel research

STR revenue for 2019 is expected to be approximately $64 million and EBITDA is estimated at approximately $16 million, for an EBITDA margin of 25%. CoStar expects that within the next three to four years, the investments in new products and growth focus of the combined businesses will generate annual revenue growth above 20%, approximately two times the current growth rate, and profit margins in line with CoStar’s long-term goal of 40% adjusted EBITDA margins by 2023.

Based on preliminary estimates and assuming a November 2019 close, the Company expects that STR will contribute between $3 - 4 million in revenue in the fourth quarter of 2019. Due to the impact of integration costs and purchase accounting adjustments for deferred revenue, we expect STR will be slightly dilutive on a non-GAAP net income per share basis in the fourth quarter of 2019.

The preceding forward-looking statements reflect CoStar Group’s expectations as of October 1, 2019. We are not able to forecast with certainty whether or when certain events, such as acquisition-related costs, the exact timing of closing of the acquisition, or the exact amounts or timing of any investments related to the acquisition will occur. Given the risk factors, uncertainties and assumptions discussed above, actual results may differ materially. Other than in publicly available statements, the Company does not intend to update its forward-looking statements until its next quarterly results announcement.

Non-GAAP Financial Measures

For information regarding the purpose for which management uses the non-GAAP financial measures disclosed in this release and why management believes they provide useful information to investors regarding the Company’s financial condition and results of operations, please refer to the Company’s latest periodic report.

EBITDA is a non-GAAP financial measure that represents GAAP net income before (i) interest income (expense), (ii) provision for income taxes, and (iii) depreciation and amortization.

Adjusted EBITDA is a non-GAAP financial measure that represents EBITDA before (i) stock-based compensation expense, (ii) acquisition and integration related costs, (iii) restructuring charges and related costs, and (iv) settlements and impairments incurred outside the company’s normal business operations.

Non-GAAP net income is a non-GAAP financial measure that represents GAAP net income before (i) amortization of acquired intangible assets, (ii) stock-based compensation expense, (iii) acquisition and integration related costs, (iv) purchase accounting adjustments, (v) restructuring charges and related costs, and (vi) settlements and impairments. From this figure, we then subtract an assumed provision for income taxes to arrive at non-GAAP net income. The company assumes a 38% tax rate in order to approximate our long-term effective corporate tax rate.

Non-GAAP net income per diluted share (also referred to as non-GAAP EPS) is a non-GAAP financial measure that represents non-GAAP net income divided by the number of diluted shares outstanding for the period. For periods with GAAP net losses and non-GAAP net income, the weighted-average outstanding shares used to calculate non-GAAP net income per share includes potentially dilutive securities that were excluded from the calculation of GAAP net income per share as the effect was anti-dilutive.

Conference Call

Management will conduct a conference call at 9:00 a.m. EDT on October 1, 2019 to discuss the acquisition and its impact on the Company’s outlook for 2019 and beyond. The audio portion of the conference call will be broadcast live over the Internet at www.costargroup.com/investors/events . To join the conference call by telephone, please dial (800) 553-0358 (from the United States and Canada) or (612) 288-0337 (from all other countries) and conference code 472856 if needed. An audio recording of the conference call will be available for replay approximately one hour after the call's completion and will remain available for a period of time following the call. To access the recorded conference call, please dial (800) 475-6701 (from the U.S. and Canada) or (320) 365-3844 (from all other countries) using access code 472856. The webcast replay will also be available in the Investors section of CoStar Group's website for a period of time following the call.

About CoStar Group, Inc.

About CoStar Group

CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. LoopNet is the most heavily trafficked commercial real estate marketplace online with 5.8 million monthly unique visitors. Realla is the UK’s most comprehensive commercial property digital marketplace. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. CoStar Group’s websites attracted an average of over 52 million unique monthly visitors in aggregate in the second quarter of 2019. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe and Canada with a staff of over 3,900 worldwide, including the industry’s largest professional research organization. For more information, visit www.costargroup.com .

This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about CoStar Group's financial expectations, the Company's plans, objectives, expectations and intentions and other statements including words such as “hope,” "anticipate," "may," "believe," "expect," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology. Such statements are based upon the current beliefs and expectations of management of CoStar Group and are subject to significant risks and uncertainties. Actual results may differ materially from the results anticipated in the forward-looking statements. The following factors, among others, could cause or contribute to such differences: the possibility that the acquisition of STR does not close when expected or at all; the risk that the businesses of STR, and CoStar may not be combined successfully or in a timely and cost-efficient manner; the risk that the combination does not produce the expected benefits for STR’s and CoStar’s customers and users or result in further market penetration and accelerated STR growth as stated in this release; the risk that business disruption relating to the STR acquisition may be greater than expected; the risk that synergies from the acquisition of STR, including as a result of cross-selling and cost efficiencies, may not be as expected, may not be fully realized, may take longer to realize than expected; the risk that the acquisition and combination of services does not produce the expected results for CoStar or its customers and advertisers, including as stated in this release; the risk that STR revenues, EBITDA and EBITDA margins for 2019 will not be as stated in this press release; the risk that STR revenues and the impact on non-GAAP net income per share in the fourth quarter of 2019 will not be as stated in this release; the risk that expected investments in STR, or the timing of any such investments, may change or may not produce the expected results as stated in this release; the risk that the Company is unable to achieve its adjusted EBITDA margin goal as stated in this release; and the risk that the combination and integration of STR will disrupt CoStar Group's or STR’s operations or result in the loss of customers or key employees. Additional factors that could cause results to differ materially from those anticipated in the forward-looking statements can be found in CoStar’s Annual Report on Form 10-K for the year ended December 31, 2018, and CoStar’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, each of which is filed with the SEC, including in the “Risk Factors” section of those filings, and the Company’s other filings with the SEC available at the SEC’s website ( www.sec.gov ). CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investors Scott Wheeler Chief Financial Officer (202) 336-6920 [email protected]

Richard Simonelli (202) 346-6394 [email protected]

CoStar Group to acquire STR

CoStar Group the leading provider of commercial real estate information, analytics and online marketplaces, announced that it plans to acquire STR for $450 million in cash, subject to adjustments in the definitive agreements.

The transaction is expected to close in the fourth quarter of 2019, subject to customary closing conditions.

STR was founded in 1985 as Smith Travel Research to provide performance benchmarking and comparative analytics to hotels. Over the past 34 years, STR has grown its data assets, product offerings and geographic reach to become the gold standard in the global hospitality industry for premium data analytics, performance benchmarking and market insights.

Today, STR aggregates data from over 65,000 hotels worldwide, representing nearly nine million guest rooms in over 180 countries. The company’s flagship product – the STARreport – provides hotel brands, owners and management companies vital performance benchmark information with more than 1.2 million reports distributed each month. STR is headquartered in Hendersonville, Tennessee and has 370 employees in 15 countries.

“The STR team has built an extraordinary company that partners with the hotel industry to create benchmarks and analytics that are the primary tools hotel management and investors rely on to optimize and improve their assets,”  said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group.  “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.”

The value of the STR benchmarks extends well beyond optimizing hotel operations. Valued at over $3 trillion globally, hotels are a massive commercial real estate asset class. In the way that CoStar’s acquisition of Apartments.com enabled CoStar to extend valuable new services to investors and service providers in multifamily real estate, we believe that STR will complement CoStar’s existing offerings and empower CoStar to provide valuable new services to investors and service providers in the hospitality industry. CoStar currently provides basic building information on 80,000 hotels, 45,000 hotel sale comparables, and 4,500 hotels offered for sale. Among many other things, STR’s information provides aggregated anonymized information on occupancy rates, average room rates, and revenue per available room. We believe that the combination of the two companies’ offerings will allow us to create valuable new and improved tools for investors, lenders, and service providers for use in developing, financing, valuing, and selling hotel properties.

As we integrate the complementary capabilities of STR and CoStar, we plan to focus on a number of attractive growth areas.

Create Powerful Hotel Data and Analytics in CoStar Suite

We plan to integrate STR data with CoStar to create exciting new products that provide building data, income level and trend reports, sales comps, for sale information, etc. We believe this product will bring substantial benefits to customers, thereby enabling the sale of more CoStar subscriptions to investors, brokers, appraisers, lenders, and developers who can use the information to understand investments, assess potential new developments and support property purchase and sale decisions. There is a clear opportunity to utilize the CoStar sales force to reach thousands of additional potential clients.

Drive International Penetration

STR is currently selling to over 15,000 hotel customers outside of the United States, representing a small fraction of the over 350,000 international hotels. We believe the combined international presence of STR and CoStar will create opportunities for further penetration around the world.

Build and Sell New Products

STR primarily focuses on providing historical data around timely revenue and occupancy benchmarking. We perceive a growing demand from hotel clients for additional aggregated and anonymized bookings and revenue information, including robust forecasts. Our combined technology design and development capabilities is expected to accelerate these new product efforts, and bring them to market more broadly. In addition, CoStar plans to invest in and grow STR’s net operating income benchmarking and analytics products.

Expand Benchmarking to Other Areas

STR has exceptional expertise in all aspects of benchmarking, which we plan to extend to other commercial real estate segments within CoStar. Combining STR’s capabilities with the significant CoStar data assets will allow for the creation of new benchmark products for commercial leases and multifamily operating metrics that would be extremely valuable to owners, brokers, lenders, tenants, and property managers.

“We are very excited to become part of CoStar,”  said Amanda Hite, STR’s President and CEO.  “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 revenue for 2019 is expected to be approximately $64 million and EBITDA is estimated at approximately $16 million, for an EBITDA margin of 25%. CoStar expects that within the next three to four years, the investments in new products and growth focus of the combined businesses will generate annual revenue growth above 20%, approximately two times the current growth rate, and profit margins in line with CoStar’s long-term goal of 40% adjusted EBITDA margins by 2023.

Based on preliminary estimates and assuming a November 2019 close, the Company expects that STR will contribute between $3 – 4 million in revenue in the fourth quarter of 2019. Due to the impact of integration costs and purchase accounting adjustments for deferred revenue, we expect STR will be slightly dilutive on a non-GAAP net income per share basis in the fourth quarter of 2019.

The preceding forward-looking statements reflect CoStar Group’s expectations as of October 1, 2019. We are not able to forecast with certainty whether or when certain events, such as acquisition-related costs, the exact timing of closing of the acquisition, or the exact amounts or timing of any investments related to the acquisition will occur. Given the risk factors, uncertainties and assumptions discussed above, actual results may differ materially. Other than in publicly available statements, the Company does not intend to update its forward-looking statements until its next quarterly results announcement.

Non-GAAP Financial Measures

For information regarding the purpose for which management uses the non-GAAP financial measures disclosed in this release and why management believes they provide useful information to investors regarding the Company’s financial condition and results of operations, please refer to the Company’s latest periodic report.

EBITDA is a non-GAAP financial measure that represents GAAP net income before (i) interest income (expense), (ii) provision for income taxes, and (iii) depreciation and amortization.

Adjusted EBITDA is a non-GAAP financial measure that represents EBITDA before (i) stock-based compensation expense, (ii) acquisition and integration related costs, (iii) restructuring charges and related costs, and (iv) settlements and impairments incurred outside the company’s normal business operations.

Non-GAAP net income is a non-GAAP financial measure that represents GAAP net income before (i) amortization of acquired intangible assets, (ii) stock-based compensation expense, (iii) acquisition and integration related costs, (iv) purchase accounting adjustments, (v) restructuring charges and related costs, and (vi) settlements and impairments. From this figure, we then subtract an assumed provision for income taxes to arrive at non-GAAP net income. The company assumes a 38% tax rate in order to approximate our long-term effective corporate tax rate.

Non-GAAP net income per diluted share (also referred to as non-GAAP EPS) is a non-GAAP financial measure that represents non-GAAP net income divided by the number of diluted shares outstanding for the period. For periods with GAAP net losses and non-GAAP net income, the weighted-average outstanding shares used to calculate non-GAAP net income per share includes potentially dilutive securities that were excluded from the calculation of GAAP net income per share as the effect was anti-dilutive.

Conference Call

Management will conduct a conference call at 9:00 a.m. EDT on October 1, 2019 to discuss the acquisition and its impact on the Company’s outlook for 2019 and beyond. The audio portion of the conference call will be broadcast live over the Internet at  www.costargroup.com/investors/events . To join the conference call by telephone, please dial (800) 553-0358 (from the United States and Canada) or (612) 288-0337 (from all other countries) and conference code 472856 if needed. An audio recording of the conference call will be available for replay approximately one hour after the call’s completion and will remain available for a period of time following the call. To access the recorded conference call, please dial (800) 475-6701 (from the U.S. and Canada) or (320) 365-3844 (from all other countries) using access code 472856. The webcast replay will also be available in the Investors section of CoStar Group’s website for a period of time following the call.

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Lawsuit Alleges Anticompetitive Acts By Business Hotels Using STR Data

Several big lodging chains and a data intermediary face allegations of unreasonable restraint of trade regarding hotel rates, in violation of antitrust regulations. A set of seven plaintiffs, seeking class-action status for untold numbers of others, accused CoStar, which owns Smith Travel Research, along with Accor, Hilton, Hyatt, InterContinental Hotels, Loews Hotels and Marriott, of participating in an exchange of…

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Smith Travel Research, Inc.

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Private Equity Firm Alpine to Acquire AirDNA in Short-Term Rental Data Play

Sean O'Neill , Skift

March 14th, 2022 at 10:00 AM EDT

This deal is the second investment in two weeks in business intelligence for the short-term rental sector, coming after startup OTA Insight's purchase of Transparent. "Follow the data" is the new "follow the money."

Sean O'Neill

Alpine Investors , a private equity firm that buys and builds software and services businesses, said on Monday it would acquire AirDNA , which sells data and predictive analytics software for short-term rentals.

The players didn’t disclose the deal terms. AirDNA, based in Denver and founded in 2014, has never raised venture capital.

“The majority of our R&D [research and development] spend has been on getting the data right for every property,” said AirDNA CEO and co-founder Scott Shatford. “It’s not an easy problem to solve because we track 10 million properties. This acquisition is a validation of our data quality as well as how we productize it.”

The deal comes against a backdrop of activity in the sector. Last week, OTA Insight , a London-based startup that helps hotels track competitors’ rates, announced it had acquired Madrid-based  Transparent , which gathers business intelligence on vacation rentals and short-term rentals. OTA Insight has backing from private equity firm  Spectrum .

Private equity firm Alpine sees an opportunity for growth in AirDNA, given that there are an estimated 4 million managers worldwide renting transiently.

But it also sees an opportunity for growth in applying the company’s data solutions to other industries, such as hotels and real estate. Anticipating that, Demi Horvat joins as chief operating officer.

Business Intelligence for Short-Term Rentals

AirDNA helps customers put any given property’s performance in context, similar to what companies such as CoStar’s STR [Smith Travel Research ] and Kalibri Labs do for hotels.

But unlike companies like STR in the hotel space, not all of these analytics companies get supplementary live data feeds from suppliers. Resellers such as Airbnb have said that external vendors aren’t able to provide fully accurate business intelligence because of faulty assumptions and errors.

AirDNA and its peers often rely a lot on ingesting publicly displayed inventory and availability to generate their analytics.

Yet the analytic services of AirDNA and some of its rivals, such as Transparent , Alltherooms , Airbtics , KeyData , Mashvisor , have good enough data quality — sometimes through direct data feeds — that customers keep paying.

The startups help analysts optimize their benchmarks for performance.

AirDNA, for example, has offered dashboards, benchmarks, and reports for the short-term rental sector. But it aims to be more than a data provider.

“Our suite of solutions help you answer questions like how to acquire supply, which could involve getting a management contract, and how to figure out your revenue management strategy once you have the supply,” Shatford said. “We’re able to deliver an estimate on a property and price it for the next year by looking at how similar properties in the neighborhood are performing.”

For investors in public companies such as Airbnb, Sonder, and Vacasa, AirDNA also offers analytical solutions.

“It’s answering customer questions like, ‘how do you know what good performance looks like, such as how well were you performing a year ago versus next year’s forecast,'” Shatford said. “‘How can I better communicate what good looks like to owners and managers?'”

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Tags: airdna , business intelligence , future of lodging , mergers and acquisitions , private equity , short-term rentals , software , vacation rentals

Photo credit: A StayMarquis managed in Water Mill, New York in the Hamptons. StayMarquis is a customer of AirDNA, which has just been acquired. Source: StayMarquis.

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STR: U.S. hotel performance for May 2021

HENDERSONVILLE, Tennessee—The U.S. hotel industry recorded its highest monthly performance levels since before the beginning of the pandemic, according to May 2021 data from STR .

• Occupancy: 59.3%
• Average daily rate (ADR): US$117.69
• Revenue per available room (RevPAR): US$69.81

Each of the three key performance metrics were the highest for any month since February 2020. While year-over-year percentage changes show significant increases because of comparison with a pandemic-affected period in 2020, the country’s performance levels remained well below the pre-pandemic comparable of May 2019: occupancy (-13.5%), ADR (-10.9%) and RevPAR (-22.9%). To track recovery on a weekly basis, STR has launched a Market Recovery Monitor to index performance against the 2019 benchmark.

Among the Top 25 Markets, Miami experienced the highest occupancy level (74.2%), which was 2.6% below the market’s benchmark from 2019. The market also recorded the highest ADR (US$236.07) and RevPAR (US$175.23) levels. Miami’s ADR level was 33.6% higher than the pre-pandemic comparable.

Markets with the lowest occupancy for the month included Minneapolis (43.5%) and San Francisco/San Mateo (44.0%).

Overall, the Top 25 Markets showed lower occupancy but higher ADR than all other markets.

A note to editors: All references to STR data and analysis should cite “STR” as the source. Please refrain from citing “STR, Inc.” “Smith Travel Research” or “STR Global” in sourcing.

Additional Performance Data STR’s world-leading hotel performance sample comprises 68,000 hotels and 9.1 million hotel rooms around the globe. Please refer to the contacts listed below for additional data requests.

About STR STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com .

North America Media Contact: Haley Luther Communications Manager [email protected] +1 (615) 824-8664 ext. 3500

General Media Inbox: [email protected]

Welcome to STR

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What are you going to build ?

Forge the future of technology and security at STR. We deliver the ingredients for professional growth — customers, tools, challenge, mentors, and colleagues.

focus on growth

A choose-your-own adventure for technical careers.

Yeah, we’ve got opportunity. Rapid growth means that there is always room for motivated and creative people to blaze their own trail.

Do you have a brilliant research idea? A product concept that will delight our users?  Do you want to learn how to be a better manager? Do you want to learn new skills or dive deep into the ones you already have? There is a fit for that and a stretch for you here.

Work that Matters

Purpose and passion.

The story of careers in the 21st century is one of finding purpose and passion. We think this should be a feature of every job. STR’s mission of making a safer world delivers purpose for many of us, while others find their passion diving deep into technical problems or mentoring team-members.

We want you to find purpose in work.

Benefits & Perks

Free skittles, good healthcare, focus on you.

Yeah, we have the normal stuff: retirement and good insurance plans. What makes us special is our focus on you.  

We offer education reimbursement for those who want to learn. We offer seminars and interest groups for those who have special passion. We have a lot of fun. We even do meeting-free Fridays to make our flexible schedules real. And, we definitely have snacks, coffee, and smiles to keep you going.

• Great health, dental, vision coverage for you and your family
• Generous 401k matching
• Results-based bonuses
• Active interest groups
• Great parties, social events, and lots of coffee and snacks
• Tuition reimbursement

job openings

On the lookout for our newest team-member.

Some of our postings are looking for unicorns, while others are after hidden gems, seasoned talent, or fresh potential. We have five facilities in the United States, and draw from a wealth of backgrounds. 

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Real work , not busy work.

We bet you can make a difference in just one summer. At STR, our internships focus on diving into real-world problems, stretching your technical skills, and delivering relationships and mentoring that will last far beyond the internship.

Proudly celebrating our differences

At STR, we don’t just tolerate difference — we seek it out and celebrate it. We need the innovation and quality decisions that come from diversity. We are proud to be an equal opportunity workplace and an affirmative action employer.

Learn more about our diversity & inclusion practices

Testimonials.

“It’s pretty fun to work at a place that does good things and treats its employees really well. There is free coffee, oatmeal, snacks, Bruegger’s bagels every Friday, lots of giveaways (peloton bikes!), a ton of employee academic/fun clubs (I am in the RF, surfing, running, and math clubs), and fun laptop stickers. Regardless of your level of experience, working at STR will be a growth experience.” Erez Binyamin , Computer Engineer

Current Openings

Think you’d be a good fit for our growing team check out our current openings.