STR Launches Integrated P&L Benchmarking
STR has launched a new P&L benchmarking tool for the hospitality industry. The platform integrates top-line and bottom-line data, allowing hotel operators to gain deeper insights into profitability. The service aims to provide a more holistic view of performance beyond traditional occupancy and revenue metrics.
- The new P&L benchmarking tool is part of a broader platform called "STR Benchmarking," which was launched by STR's parent company, CoStar Group, to integrate hotel data with their real estate analytics platform. - Key bottom-line metrics available for comparison include Total Revenue Per Available Room (TRevPAR), Gross Operating Profit Per Available Room (GOPPAR), and Labor Costs Per Available Room (LPAR). - The platform derives its profitability benchmarks from nearly 150 data points on hotel P&L statements, allowing for detailed analysis of departmental expenses and the ability to translate revenue gains into profit. - For a multi-property resort company, this allows for benchmarking of specific operational costs, such as utilities or food and beverage, against a competitive set, which is critical in the Caribbean where these expenses are often high. - This integrated data is particularly relevant for supply chain decisions as it can quantify how logistical efficiencies, such as optimized shipping schedules or centralized procurement, impact the overall profitability of each resort. - The P&L data reporting guidelines are aligned with the Uniform System of Accounts for the Lodging Industry (USALI), which has a new edition with a dedicated section for all-inclusive resorts, making the data more comparable and relevant. - Users can create unlimited, customized competitive sets in real-time within the platform, allowing for more dynamic analysis against different market segments or property types.
