CoStar Group has entered into an agreement to acquire STR, a leader in data benchmarking, analytics and marketplace insights for global hospitality sectors.
The transaction, valued at $450 million in cash, is expected to close in the fourth quarter of 2019, subject to customary conditions.
The acquisition comprises the entire STR portfolio, including STR, headquartered in Hendersonville, Tennessee; STR Global, the company’s international business headquartered in London; Hotel News Now, the company’s digital media arm based in Cleveland; and the Hotel Data Conference, hosted each year in Nashville since 2009.
“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 Florance, chief executive CoStar Group.
“STR brings an unrivalled 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.”
STR has been a private, family-owned company since its 1985 – founded then as Smith Travel Research by…