Magnuson Hotels and STR announced the integration of an automated global data exchange that allows Magnuson hoteliers to receive daily local-market benchmarking.
On a nightly basis, each Magnuson Hotel affiliate’s performance data is uploaded to STR, while STR sends back to Magnuson benchmarking for each hotel across all local and global markets. This allows Magnuson to guide each hotel on the most effective pricing strategy, as well as to determine the most profitable untapped local business segments.
“We are pleased to partner with Magnuson Hotels on advancing our benchmarking partnership to a daily frequency,” said Robin Rossmann, STR’s managing director. “Whilst the framework for this integration was developed in the pre-pandemic world, the fruition could not be timelier given the increased urgency for the performance insights that will help hoteliers capitalize on return demand. As we continue to develop our offerings with historical and forward-looking solutions, this integration can serve as a template for additional companies around the globe.”
“Hotels will no longer have to hope they can do a few percent better than last year,” says Magnuson CEO Thomas Magnuson. “With the complete STR data integration, Magnuson can help each hotel determine its maximum possible market performance, and thus build precise pricing and distribution plans to achieve specific revenue targets. The data exchange will also help hotel owners reduce the rising customer acquisition costs of [online travel agencies] by expanding each hotel’s sources of direct local business.”
The STR/Magnuson data exchange allows hoteliers to transition from a lower-margin occupancy strategy to a 365-day RevPAR strategy, as measured by the optimum revenue per available roomnight.