One of my hot buttons the last few years has been the paucity of good research on the hotel industry. Here we have a multi-billion dollar industry that relies for the most part on a few ongoing studies that often fail to give a true picture of just what is occurring in the industry. Most often the target of my frustration has been Smith Travel Research because I feel it offers the most widely disseminated research on the industry?s occupancy and health. That is not to say that they don?t do a good job, because I think their research is well suited for the needs of their many chain hotel clients. Size, Scope Important I just feel that their numbers may not be the best ones to use in bench-marking the hotel industry?s health, which has been the case in the past. STR figures are also used most frequently by outsiders investing in the business, but again I don?t think it gives them the most accurate portrayal of our business. In my opinion, STR has been somewhat slow to pick up on various trends that effect occupancy levels. Most recently, I felt strongly that the extended stay phenomenon was not being included properly in the numbers being presented by the firm. I voiced my concerns and to their credit, STR picked up on this rapidly and made adjustments accordingly. However, I believe that there remains a lot more to be done? many more business areas that needs to be researched and disseminated to give all of us a truer picture of our industry including what is happening in it and where we are headed. Is food and beverage returning as a much needed feature for hotels? What about room service, competitive hotel rates within local markets, impact issues and new construction issues? Comprehensive Data Reports I have been watching a new research group, Realtime Hotel Reports in Ithaca, NY (Cornell Country) and I am impressed with what they are doing. They have assembled a very comprehensive data base and are turning out some extremely good reports on the industry?s health. It is research of this type that will allow our industry?s executives to make better decisions and cut down on ?flying by the seat of your pants.? To take a look at what they are doing, go to the web (www.hotelreports.com). I hope that there are others out there who are gearing up to offer in-depth research as there are still many areas that need to be looked at. For instance, who knows if we need as much of the luxury hotel product as is being proposed or how much technology is too much or how much occupancy will boutique hotels draw away from luxury properties? No one yet. See my point?
