👋 Hello, my name is Robert from Occupancy Boost. Today, I will discuss how to analyze a STAR report for hotels, which is beneficial for both beginners and those familiar with STAR reports.
📊 The STAR report contains various tabs, but I will focus on the most important ones. The Table of Contents provides an overview of available tabs and resources.
🔍 The Response Tab shows your competitors. For example, Hotel A has 218 rooms and compares itself against 7 competitors. It's crucial to choose a competitive set that accurately reflects similar hotels in size and market.
⚠️ A poorly chosen competitive set can skew results. For instance, comparing a 218-room hotel with much smaller hotels can lead to misleading conclusions about performance.
📅 The Glance Tab provides a snapshot of the hotel's performance for the month, year-to-date, and the last three months. Key metrics include:
💰 For example, Hotel A had a RevPAR of $46.85 and an occupancy rate of 64%, outperforming competitors in occupancy but lagging in rate.
📉 The Competitive Set Tab ranks the hotel against competitors over the last three years. Hotel A ranked 6th out of 8 in RevPAR, indicating a decline in performance.
❓ It's essential to analyze the reasons behind performance trends, such as occupancy loss or rate changes, to develop strategies for improvement.
💬 If you have questions about STAR reports or need further clarification, feel free to ask in the comments. Don't forget to subscribe for more insights on increasing hotel occupancy!