October 3, 2012
I'm sure that you are all familiar with the term comp set, which is short for competitive set. A comp set is defined as the \"other, competing hotels against which a property measures its own performance.\" In most cases, properties within a comp set are in the same geographical location, have the same star rating, provide similar amenities and customer experience. Comp sets can be comprised of many hotels or in some cases, as few as two. Surprisingly, some hotels even make the claim: \"I have no direct competition.\" My answer to that is always: \"Wow, that's exciting. Your hotel is the only one in your destination? Oh, there's more than one? Well, then yes, you do have competition.\"