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MarketScreener Homepage  >  Equities  >  Nasdaq  >  CoStar Group, Inc.    CSGP

COSTAR GROUP, INC.

(CSGP)
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STR: U.S. Hotel Results For Week Ending 5 September

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09/11/2020 | 06:54am EDT

HENDERSONVILLE, Tennessee - Boosted in part by Labor Day weekend, U.S. hotel occupancy increased slightly over the previous week, according to the latest data from STR.

30 August through 5 September 2020 (percentage change from comparable week in 2019):

Occupancy: 49.4% (-18.9%)

Average daily rate (ADR): US$100.97 (-17.1%)

Revenue per available room (RevPAR): US$49.87 (-32.8%)

Hotel demand grew to 18 million room nights sold (+500,000 week over week). Saturday (5 September) occupancy came in at 69.0%, just 2.6% less than the comparable Saturday in 2019, and leisure markets that have showed the highest summer occupancy levels reported strong increases from the previous weekend. At the same time, the markets with the highest occupancy for the week were not leisure destinations. Rather, the high occupancy markets were those housing displaced residents from Hurricane Laura and the California wildfires.

STR: U.S. Hotel Results For Week Ending 5 September

Aggregate data for the Top 25 Markets showed lower occupancy (44.3%), but higher ADR (US$101.82) than all other markets.

Norfolk/Virginia Beach, Virginia, was the only one of those major markets to reach a 60% occupancy level (60.6%).

Five additional markets reached or surpassed 50% occupancy: Houston, Texas (57.8%); Los Angeles/Long Beach, California (55.3%); San Diego, California (54.6%); New Orleans, Louisiana (51.7%); and Atlanta, Georgia (50.2%).

Houston was the only market to report a year-over-year increase in occupancy (+13.5%), which is attributable to evacuations and displaced residents due to Hurricane Laura.

Markets with the lowest occupancy levels for the week included Oahu Island, Hawaii (24.4%), and Orlando, Florida (30.9%).

About STR

STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate 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.

Contact

Haley Luther

Communications Coordinator

Phone: +1 615 824 8664 ext. 3500

(C) 2020 Electronic News Publishing, source ENP Newswire


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Financials (USD)
Sales 2020 1 625 M - -
Net income 2020 246 M - -
Net cash 2020 2 387 M - -
P/E ratio 2020 134x
Yield 2020 -
Capitalization 33 881 M 33 881 M -
EV / Sales 2020 19,4x
EV / Sales 2021 16,6x
Nbr of Employees 4 337
Free-Float 98,8%
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Mean consensus BUY
Number of Analysts 14
Average target price 873,92 $
Last Close Price 860,63 $
Spread / Highest target 16,2%
Spread / Average Target 1,54%
Spread / Lowest Target -25,9%
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Managers
NameTitle
Andrew C. Florance President, Chief Executive Officer & Director
Michael R. Klein Chairman
Scott T. Wheeler Chief Financial Officer
Frank A. Simuro Chief Technology Officer
Jason Butler Chief Information Officer
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