Docyt launched STR Integration for the Hospitality sector, a powerful new tool for managing and optimising your business revenue.
Weekly STR Reports (Smith Travel Research) or STR Reports (Smith Travel Accommodations Report) are crucial for the hospitality industry. They are a benchmarking tool that compares your hotel's performance to similar hotels (competitors). STR is being integrated with Docyt, allowing Docyt to receive data based on specific metrics.
These reports include key metrics such as occupancy %, average daily rate (ADR), and revenue per available room (RevPAR). Hotels use STR reports to benchmark their performance against competitors, identify market trends, and make informed business decisions to optimize their operations and improve profitability.
The following STR metrics are visible in Docyt's Owners Operating Statement in the Business Report module:
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Comp Set ADR
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Comp Set RevPAR
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Comp Set Occupancy %
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Occupancy Rank
- ADR Rank
- RevPAR Rank
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Comp Set Size
Understanding the meaning of STR Metrics:
- Comp Set ADR: This is the ADR for a hotel’s selected competitive set (comp set), a group of similar hotels chosen for performance comparison. The comp set ADR reflects how other hotels in the defined group perform per-room revenue. In STR reports, hotels use comp set ADR to benchmark their ADR performance against similar hotels in the area, which helps them assess competitiveness and pricing strategies.
- Comp Set RevPAR: This represents the average RevPAR for a hotel's comp set. It’s useful for benchmarking a hotel’s revenue performance within its competitive landscape. By comparing its own RevPAR to the comp set RevPAR, a hotel can determine how well it’s utilizing its available rooms to generate revenue relative to similar properties in the area. Comp Set RevPAR is particularly valuable in helping hotels assess their market position, revenue management strategies, and pricing effectiveness compared to peer properties.
- Comp Set Occupancy %: This is the average occupancy percentage for the group of hotels chosen as the comp set. It provides insight into the demand trends within that specific competitive group and is a benchmark for assessing the hotel's occupancy performance relative to similar hotels. This analysis aids in developing strategic decisions related to marketing, pricing, and overall operational planning.
- Occupancy Rank: Occupancy Rank is valuable for understanding how a hotel’s performance stacks up against competitors. A higher rank indicates strong demand relative to the comp set, while a lower rank may suggest the need for strategies to increase occupancy, such as marketing, adjusting rates, or creating special offers.
- ADR Rank : ADR Rank is useful for evaluating a hotel’s pricing power within its market. A high ADR rank generally indicates successful positioning as a premium offering, while a lower rank may suggest that the hotel could consider rate adjustments to better align with competitors.
This metric ranks the hotel based on its ADR relative to the other properties in the comp set. If a hotel has the highest ADR among its comp set, it will have an ADR rank of "1." - RevPAR Rank : In STR reports, RevPAR Rank represents a hotel’s position in terms of its Revenue Per Available Room (RevPAR) within its competitive set (comp set). This rank shows how effectively a hotel is generating revenue from available rooms compared to other hotels in its competitive group. RevPAR Rank is an important benchmark as it combines occupancy and ADR performance, giving a complete picture of revenue efficiency.
- Comp Set Size : It refers to the number of competitor hotels that a specific hotel benchmarks itself against. This competitive set, or "comp set," is crucial for hotels to understand their market positioning and performance in comparison to similar hotels in the same market.
♦ Steps to view STR metrics in Docyt:
1. The user can view the STR metrics in Business Reports > Management Reports > Owner's Operating Statement. 
2. Click "Owner's Operating Statement" from the Management Reports section.
3. All metrics related to STR reports can be found in the 'Summary' section of the Owner's Operating Statement, providing a comprehensive overview of the hotel's performance.