CoStar Group to Acquire STR for $450 Million
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.
STR has been a private, family-owned company since its 1985 – founded then as Smith Travel Research by Randy and Carolyn Smith. The Smith family also maintained majority ownership in STR’s international entity. Overall, STR employs 370 team members in 15 countries.
The hotel industry has been the cornerstone of STR’s business from its founding. Today, the company processes, analyses and reports on data from 66,000 hotels representing 8.9 million rooms in 180 countries.