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CoStar Group (NASDAQ: CSGP) has completed the acquisition of Fairmas Benchmarking from Fairmas GmbH, enhancing its STR hospitality information business. Fairmas Benchmarking has served over 1,400 hotels since its launch in 2004. This acquisition allows CoStar to expand its offerings in Germany, covering over 2,200 hotels and 320,000 rooms alongside STR's existing data. CEO Andrew Florance stated the acquisition will provide significant value to clients, with plans for new products and data sets. The integration aims to strengthen STR's position in the European hospitality market.
Positive
Acquisition of Fairmas Benchmarking enhances STR's hospitality information services in Germany.
Combined market reach covers over 2,200 hotels and 320,000 rooms, increasing competitive advantage.
Plans for new products and data sets expected to deliver incremental value to clients.
Negative
Integration risks could disrupt operations or result in customer loss.
Expectations of acquisition benefits may not be realized as planned.
WASHINGTON--(BUSINESS WIRE)--
CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the commercial and residential property markets, announced today that it has acquired Fairmas Benchmarking, a leading German hospitality benchmarking product, from Fairmas GmbH.
Fairmas Benchmarking was developed and launched in 2004 and is offered by Fairmas GmbH as part of a portfolio of financial software products for the hospitality industry. Over time, Fairmas Benchmarking has developed a strong client base of local German hotel brands, operators and real estate owners representing over 1,400 hotels.
The acquisition, which was completed on 10 October 2022, is an important addition to STR, CoStar Group’s hospitality information and benchmarking business. CoStar Group acquired STR in 2019. STR maintains the world’s largest hotel performance database with 75,000 participating properties representing 10 million rooms. Combined, STR Germany and Fairmas Benchmarking cover over 2,200 German hotels representing over 320,000 rooms.
“The expansion of our STR business in Germany is another important example of our strategic expansion of CoStar Group internationally,” said Andrew Florance, Founder and Chief Executive Officer of CoStar Group. “STR has been in Europe since 2008 and is committed to providing the best products, data and services to clients throughout the region,” continued Florance. “We are looking forward to continuing the strong customer relationships developed by Fairmas, while offering all of our German hotel clients significant incremental value through planned new products and data sets. We believe that the entire hospitality industry in Germany will benefit as we combine hotel benchmarking products with our CoStar information platform and expand our forward booking and profitability data sets.”
“We are very confident that STR and CoStar Group will take diligent care of our benchmarking customers in Germany,” said Niels Schröder, Managing Director of Fairmas GmbH. “STR is committed to investing in the next generation of hospitality benchmarking products, which allows Fairmas to focus on growing our hotel financial planning and management reporting business globally.”
About CoStar Group
CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the commercial and residential property markets. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK’s most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, www.costargroup.com, as a channel of distribution for material company information.
About STR
STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Founded in 1985, STR maintains a presence in 15 countries with a North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics, and online marketplaces. For more information, please visit str.com and costargroup.com.
About Fairmas:
Fairmas GmbH is a software development company offering financial planning, management reporting and controlling solutions specifically for the hospitality industry. Fairmas also offers data management for hotel assets. It is headquartered in Berlin, with offices in Germany, Spain, and Canada. Since the company’s foundation in 2003, their focus has been on the development of innovative, tailor-made hotel software. With their continuous growth and steady expansion of their product range, more than 5,000 hotels worldwide are satisfied with Fairmas’ hospitality financial BI solutions (www.fairmas.com).
This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations or beliefs regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that the Fairmas Benchmarking business may not be combined successfully with CoStar Group’s existing or future product offerings in a timely and cost-efficient manner; the risk that the combination and integration of the Fairmas Benchmarking business will disrupt CoStar Group’s operations or result in the loss of customers; the risk that the acquisition of the Fairmas Benchmarking does not produce the expected benefits or results for CoStar Group or customers of the Fairmas Benchmarking business. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar’s filings from time to time with the Securities and Exchange Commission, including in CoStar’s Annual Report on Form 10-K for the year ended December 31, 2021, and Quarterly Reports on Form 10-Q for the quarters ending March 31, 2022 and June 30, 2022, each of which is filed with the SEC, including in the “Risk Factors” section of that filing, as well as CoStar’s other filings with the SEC available at the SEC’s website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
