Singapore: Some 160 hotels will receive daily market reports with relevant insights into their performance against their chosen set of competitors. Credit: Getty images
SINGAPORE - STR, a leader in data benchmarking and analytics for the global hospitality industry, has partnered with the Singapore Hotel Association (SHA), the umbrella body for hotels in Singapore, to provide tools for hotel benchmarking and performance advancement.
"It is important that STR and SHA create a unified voice for hotel performance in Singapore. There are many benefits to single-point data collection, and STR is thrilled to share those benefits with the SHA," said Mr Bernard Kee, STR's regional manager for Southeast Asia.
"A single-point data collection minimises duplicate efforts for hotels as well as the manual work and inevitable human error involved in other processes. Through this type of partnership, data submission is centralised to one secured data specialist - STR. STR's metrics are widely considered the global standard of hotel performance benchmarking.
"Through this seamless integration of data submission, hotels receive daily market reports with relevant, useful insights into their performance against their chosen set of competitors. Hotels will also benefit from STR's Forward STAR program, a forward-looking benchmarking report, as well as profit and loss benchmarking, when they enrol as data participants.
"Market insights allow hotels to formulate better business strategies, improve on their revenue tactics and adjust future costs. Conversely, limited or no market data is like flying a plane strictly with a naked eye and no access to ground radio support, advanced weather updates or flight path navigation information."
This partnership will bring benchmarking practices to 160 hotels and all future hotel members to come, said Ms Margaret Heng, SHA's executive director & SHATEC's chief executive.
"STR's accurate, reliable data and commitment to confidentiality is unrivaled in the industry. It is vital that the hotel industry is equipped with this data, and we are happy that STR can bring this to our members. We are confident that SHA members will benefit from benchmarking - not only understanding how their hotel is performing, but how they are performing against their competitors as well," she said.
STR claims it maintains the world's largest hotel performance data sample, which comprises 68,000 hotels and 9.1 million hotel rooms around the world. In March, Singapore experienced its worst month on record for occupancy (38.3%) and revenue per available room (S$81.35/US$57.14) due to COVID-19.