Smith Travel Research, Magnuson Hotels Partner to Measure Independent Hotel Market
June 25, 2007
STR and Magnuson Hotels to provide free local market performance data to Magnuson Hotels’ affiliates via STR’s recognized Lodging Survey Program.
How big is the independent hotel market? It’s so vast that measuring the size and scope of the rapidly growing independent hotel market will take the combined forces of Smith Travel Research (STR), the lodging industry’s leading information and data provider and Magnuson Hotels, the world’s largest independent hotel group. With nearly one-third of the US lodging supply now independent, only 17% is currently analyzed as part of the U.S. hotel market by STR.
“While the branded hotel market is easily identifiable, the independent hotel market has become the iceberg under the tip,” — Bobby Bowers, Senior Vice President – Operations for STR.
“While the branded hotel market is easily identifiable, the independent hotel market has become the iceberg under the tip. We know the power of the independent hotel market is huge, but it has always been difficult to measure,” said Bobby Bowers, Senior Vice President – Operations for STR.
Magnuson Hotels is encouraging its affiliates to enroll in STR’s free Lodging Survey program. This industry recognized report will compare each hotel’s performance against local market and price segment averages. Independent hotel owners will have access to regional industry standard metrics of occupancy, average daily rate (ADR) and revenue per available room (RevPAR) to benchmark if they are leading or trailing the competition.
“Magnuson Hotels’ goal is to provide independent owners with the most powerful competitive tools available,” stated Thomas Magnuson, Principal/CEO. “When independent hotel owners utilize the free STR benchmark reports, they will no longer be at a disadvantage to their competitors.”
Driving the rapid growth of the independent hotel market are several commoditizing market forces including; franchise defectors faced with increased brand compliance/ operating costs; brand saturation from 300 hotel brands, 26 added in last 24 months; consumer pricing control via Internet; new online independent hotel supply increase from resorts, mom and pops, and rural markets.
In only four years, Magnuson Hotels has become the 17th largest worldwide hotel company, adding more affiliate hotels than 8 out of the top 10 branded hotel chains combined.
For more information contact:
Smith Travel Research
(615) 824-8664 x 504
About Magnuson Hotels, the fastest growing hotel chain in history.
In only seven years, Magnuson Hotels headquartered in Spokane, WA has become the world’s largest independent hotel group, representing nearly 1500 hotels and a combined affiliate base with assets in excess of $5.5 Billion. One of the top 10 global hotel chains, Magnuson Hotels was the #1 Hotel Company of Inc. Magazine’s 2009 annual ranking of the 5,000 fastest growing privately owned U.S. companies. With a four year reservation sales growth of 595%, Magnuson Hotels is listed in the top 100 U.S. business services companies.
For more information, contact: