Smith Travel Research—better known as STR—a data benchmarking, analytics and marketplace insights leader for global hospitality sectors, has recently been acquired by CoStar Group, a leading provider of commercial real estate information. The acquisition is valued at $450 million and will close in the fourth quarter of this year, but STR executives are excited for the transition. The family owned business was founded in 1985 and has remained a private, family-owned company since. Co-founder Randy Smith said of the acquisition, “The growth and success of STR far exceeded the expectations we had in place 34 years ago… While it is hard to step aside from our life’s work and the STR family, I can do that with the confidence that this move will allow the next chapter of STR to be written.” (Travel Daily News, 10.02.19)
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