Smith and The Bench Join Forces

Global Benchmarking Venture

. October 14, 2008

SEPTEMBER 28, 2006. Smith Travel Research (STR) and The Bench are announcing the merger of their hotel performance tracking programs to provide the hotel industry with global benchmarking data. Performance metrics will be available on a daily, weekly and monthly basis and will cover all global destinations.

Comments Randy Smith, owner and co-founder of STR: 'We are excited to bring STR's trusted benchmarking expertise together with The Bench's proven technology and fresh concepts to provide a true one-stop shop for global hotel data. The global hotel market poses unique challenges to hotel companies, owners and managers. Our association with The Bench will enable us to provide a global lodging benchmarking solution. We look forward to providing our clients the common reporting platform they have requested aiding all levels of hotel operators around the globe.'

Jonathan Worsley, Chairman and co-owner of The Bench, added: 'From Beijing to Berlin, our online daily benchmarking solution has received exceptional reviews from hotel operators. It only makes sense to combine our intuitive web interface at www.thebench.com with the reporting power and expertise of STR. There is a real need within the industry to provide a global solution to hotel benchmarking data and we are delighted to now offer such a product by combining forces with STR.' Jamie Chappell, Managing Director of The Bench continued: 'Our combined capabilities will allow us to build participation in new cities and bolster existing markets which will assist hoteliers in making sound business decisions that will ultimately help them become more profitable.'

STR will purchase a significant minority stake in The Bench, which will modify its name to incorporate the association with STR. STR and The Bench will continue to service clients under their existing contracts. A joint marketing and sales effort will be launched to promote awareness of the new venture and build participation. In addition to lending sales support, STR will coordinate the adoption of its data processing procedures throughout The Bench's global reports. STR will maintain offices in Hendersonville, TN and The Bench will continue operations in London with sales offices in Asia Pacific and throughout Europe.

Media Contact:

Subscribe to our newsletter
for more Hotel Newswire articles

Related News

Choose a Social Network!

The social network you are looking for is not available.

Close
Coming up in September 2020...

Hotel Group Meetings: Demand vs. Supply

It is a great time for hotel group meetings. It is expected that once again this sector will grow by 5-10% in 2020, partly due to the increasing value of in-person group meetings. Because people now spend so much time in front of their screens, face-to-face interactions have become a more treasured commodity in our modern world. Plus, the use of social media reinforces the value of engagement, discussion, conversation, and networking - all areas where group meetings shine. Despite this rosy outlook, there is a concern that demand for meetings far exceeds the supply of suitable venues and hotels. There are very few "big box" properties with 500-plus rooms and extensive conference facilities being built, and this shortage of inventory could pose a serious challenge for meeting planners. In addition to location concerns, the role of the meeting planner has also evolved significantly. Planners are no longer just meeting coordinators - they are de facto travel agents. Cultural interactions, local dining, experiential travel, and team-building activities are all now a part of their meeting mix. Plus, they have to cater to evolving tastes. Millennials are insisting on healthier venues and activities, and to meet their demands, hotels are making yoga breaks, fresh-pressed juices, plant-based diets, state-of-the-art gyms, and locally-sourced menus available. Millennials are also insisting that meeting venues practice Corporate Social Responsibility, which means upholding sustainable and ethical values; investment in the local community; health and well-being of employees; and general business practices that reflect being good citizens of the planet. Finally, there is a growing trend to merge meetings with other local events, such as music festivals, sporting events, and cultural attractions. The December Hotel Business Review will report on issues relevant to group meetings and will document what some hotels are doing to support this part of their operations.