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CoStar Group to buy hotel benchmarking firm STR for $450M

CoStar Group Inc. intends to purchase STR Inc. in an all-cash deal valued at $450 million, subject to adjustments in the definitive agreements.

Headquartered in Hendersonville, Tenn., STR provides performance benchmark information to hotel brands, owners and management companies through its flagship product STARreport.

CoStar said combining its capabilities with those of STR should help it include hotel data and analytics in its product suite, boost its international market presence, build and sell new products, and expand benchmarking to other domains.

The deal is set to close during the fourth quarter.