- Ignoring the demand base – Similar product type, amenities and location are often used as the prime criteria for comp set selection but the target market for a given property is overlooked. For example, two properties in an airport market may be identical; but a large amount of crew business for one may skew the metrics. The same pitfall would apply when selecting a property with a large group base when your property has a predominantly transient following.
- Choosing a known outlier – The STAR report is based on averages, so intentionally selecting a property with unique performance characteristics will likely compromise the validity of the results.
- Overestimating or underestimating value – Knowing what current and prospective guests value in their selection process is critical. Even more critical is the need to know how well your property and those of your competitors meet those needs. An honest, unbiased evaluation is key.
- Only bench marking one set – Particularly for resorts, properties in unique geographical locations or those with distinctive attributes (e.g., conference centers), multiple sets representing regional, national and sometimes international competitors could be appropriate. Mixing the above into a single set would not be.
