A leading hospitality benchmarking product in Germany
CoStar Group, Inc., a leading provider of online real estate marketplaces, information, and analytics in the commercial and residential property markets announced today that it has acquired Fairmas Benchmarking, a leading German hospitality benchmarking product, from Fairmas GmbH.
Fairmas Benchmarking was developed and launched in 2004 and is offered by Fairmas GmbH as part of a portfolio of financial software products for the hospitality industry. Over time, Fairmas Benchmarking has developed a strong client base of local German hotel brands, operators, and real estate owners representing over 1,400 hotels.
The acquisition, which was completed on 10 October 2022, is an important addition to STR, CoStar Group’s hospitality information and benchmarking business. CoStar Group acquired STR in 2019. STR maintains the world’s largest hotel performance database with 75,000 participating properties representing 10 million rooms. Combined, STR Germany and Fairmas Benchmarking cover over 2,200 German hotels representing over 320,000 rooms.
“The expansion of our STR business in Germany is another important example of our strategic expansion of CoStar Group internationally,” said Andrew Florance, Founder and Chief Executive Officer of CoStar Group. “STR has been in Europe since 2008 and is committed to providing the best products, data, and services to clients throughout the region,” continued Florance. “We are looking forward to continuing the strong customer relationships developed by Fairmas, while offering all of our German hotel clients significant incremental value through planned new products and data sets. We believe that the entire hospitality industry in Germany will benefit as we combine hotel benchmarking products with our CoStar information platform and expand our forward booking and profitability data sets.”
“We are very confident that STR and CoStar Group will take diligent care of our benchmarking customers in Germany,” said Niels Schröder, Managing Director of Fairmas GmbH. “STR is committed to investing in the next generation of hospitality benchmarking products, which allows Fairmas to focus on growing our hotel financial planning and management reporting business globally.”