By: Jeanne M. Griffith
Randell Smith, Co-founder of Smith Travel Research and 2021 Cornell Hospitality Icon Award Recipient
Randell A. Smith, the visionary chairman and co-founder behind Smith Travel Research (STR), has been named the recipient of the prestigious 2021 Cornell Hospitality Icon of the Industry Award. This esteemed accolade from the Cornell University School of Hotel Administration recognizes Smith’s transformative contributions to the global hospitality sector through Smith Travel Research, now widely known as STR. The award ceremony, a virtual event, is scheduled for June 8, 2021, as part of the annual Cornell Hospitality Icon and Innovator Awards.
Smith, alongside his late wife Carolyn, established Smith Travel Research in 1985. Originating as a pioneering U.S. hotel census company, Smith Travel Research has since evolved into a global powerhouse, employing 350 professionals across 15 countries. The company provides critical data benchmarking, advanced analytics, and invaluable marketplace insights that are indispensable for stakeholders throughout the international hospitality industry. The extensive data sample of Smith Travel Research encompasses an impressive 64,000 hotels, representing 8.7 million rooms across 180 countries, underscoring its comprehensive reach and authority.
The Evolution and Impact of Smith Travel Research (STR)
Under Randell Smith’s leadership, Smith Travel Research expanded its portfolio significantly, establishing STR Global and STR Analytics. These entities were strategically unified under the STR brand in 2016, streamlining operations and enhancing service delivery. Further solidifying its position as a thought leader, Smith Travel Research launched Hotel News Now (HNN) in 2008. HNN serves as a dedicated division providing up-to-the-minute news, expert opinions, crucial data, and trend analysis derived from Smith Travel Research’s extensive datasets. Through its website and e-newsletters, HNN also manages the Baird/STR Hotel Stock Index, a key benchmark for U.S.-based and focused hotel companies.
A significant milestone in the journey of Smith Travel Research occurred in the fall of 2019 when it was acquired by CoStar Group for $450 million. This acquisition highlighted the immense value and industry influence that Smith Travel Research had cultivated over decades.
Cornell University Recognizes Smith’s Transformative Influence
Kate Walsh, the E. M. Statler Professor and dean of the School of Hotel Administration at Cornell University, emphasized the profound impact of Smith Travel Research and its founder: “Randy Smith revolutionized the hotel industry by introducing sophisticated analytics, making comprehensive market and competitor analysis and performance benchmarking not just possible, but essential. He fundamentally reshaped the landscape and established the gold standard for data intelligence and global benchmarking. Thanks to Smith Travel Research, hotels, owners, and operators are empowered to compete strategically, plan effectively for future growth, and gain a deeper understanding of their customer base. It is with immense pleasure that we recognize him with this award for the monumental impact he has had on the industry.”
Randell Smith: A Legacy of Leadership and Achievement
Randell Smith’s career is marked by numerous prestigious accolades, reflecting his enduring influence and leadership. His inductions into the U.S. Travel Hall of Leaders and the University of Houston’s Hospitality Industry Hall of Honor stand as testaments to his lifelong dedication. Further recognition includes HNN’s Stephen W. Brener Silver Plate Award, the ALIS (Americas Lodging Investment Summit) Lifetime Achievement Award, the Hospitality Sales and Marketing Association International’s Albert E. Koehl Award, the Industry Real Estate Financing Advisory Council (IREFAC)’s C. Everett Johnson Award, and the International Society of Hospitality Consultants (ISHC)’s Industry Pioneer Award. He has also been consistently named among the Business Travel News’s 25 Most Influential Executives of the Business Travel Industry.
Smith’s commitment to the industry extends to his active involvement in key organizations. He is a member and past co-chairman of IREFAC and formerly served as vice-chairman of the American Hotel & Lodging Foundation Funding Committee. As a charter member of ISHC, he previously contributed to its board of trustees, further demonstrating his dedication to shaping and advancing the hospitality sector.
The Cornell Hospitality Icon and Innovator Awards is a landmark annual event for the School of Hotel Administration, drawing together hundreds of influential figures from the global hospitality and travel industries. Serving as a crucial fundraising initiative for the school’s annual fund, the event directly supports need-based scholarships for deserving students, fostering the next generation of hospitality leaders.
For more information about the Cornell Hospitality Icon and Innovator Awards, please visit the event web page.
This article was last updated on April 21, 2021.
