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OpenComps Turns More Exclusive and Enterprise

As we approach our 16th anniversary (coming in May 2022), we have began contemplating our 2022 (and beyond) plan. As any business, we are only as successful as our customers allow us to be. Without the commercial support of our paying subscribers, we would not have been able to continue our journey, gather all the data and continuously refine our software and service.

As the world’s leading hotel intelligence platform, we are extremely fortunate and grateful to garner the commercial support of some of U.S. largest:

  • public REIT owners;
  • management companies;
  • private equity sponsors;
  • brand operators

… and many other smaller owners, developers, managers, appraisers, analysts, and other players in the hotel finance world.

While we launched with the idea of an open collaboration among the players in the hotel finance world in collecting deal information, the reality is that individual user contributions have been extremely small and limited. In the meantime, we have grown as a service and team to source and categorize most of the information available on OpenComps (and ResiComps) and thus have basically transitioned to an enterprise intelligence service.

With that in mind, over the coming months, we will be transitioning to servicing more exclusively our paying PRO subscribers. Registration and (limited) daily newsletters may continue to be free (for now), but full use of our online service will be more and more exclusive only to our paying customers.

To better reflect our enterprise nature, we will also emphasize our Enterprise PRO subscription as the standard entry into our service. We have learned that our service is better when used and shared across the entire organization. Thus, our Individual PRO plan will transition to serve as an introduction into our service for very small or new organizations who would like to familiarize themselves with OpenComps before deploying across their full enterprise.

To our paying PRO subscribers, THANK YOU! To everyone else, we hope you decide to commercially support our efforts to uphold OpenComps as the best hotel investment intelligence platform IN THE WORLD!

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Introducing ResiComps.Com

Introducing ResiComps.com – OpenComps’ take on a one-stop multifamily investment intelligence source.

After refocusing OpenComps in 2016 on hotel information only, we are back covering the residential/multifamily space but on a separate platform.

We believe that with OpenComps we have created the ultimate research tool covering all hotel sales, developments, refinancings and even financials. Having refined the service – what and how we collect – we thought it’s time to do the same in the residential space: cover all multifamily sales, developments, and refinancings (we are looking into the financials).

We hope you check out ResiComps (multifamily data) and direct anyone else to the site that you think can benefit from this research tool. We look forward to your feedback.

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2022 PRO Subscriptions Prices

Thank you to all the PRO subscribers that support us! We remain dedicated to bringing you the best hotel investment information for your underwriting needs and your continued support is greatly appreciated.

Based on our current costs and development plans, our PRO Subscriptions prices as of January 1, 2022 will be as follows:

  • Individual PRO (single user, non-shareable) – $150 per month or $1,500 per year;
  • Enterprise PRO (unlimited users) – $450 per month or $4,500 per year.

If you are a subscriber, you will be automatically rolled over to the new plan and rate applicable to your PRO subscription at your first scheduled billing period in 2022 (monthly subscribers, at your first renewal in January; annual subscribers, at your renewal in 2022).

You can manage your subscription online, 24/7, at Settings > Subscription & Invoices.

Should you have any questions, please get in touch.

Thanks again for your support in 2021, happy holidays and see you in 2022.

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General

2020 PRO Subscriptions Prices

Thank you to all the subscribers that supported us in 2019 (and prior)! We never stop updating OpenComps – its data variety and quality as well as its underlying code – and your continued support is greatly appreciated. We are very grateful for all the feedback and encouragement we received in 2019 and are excited to continue to innovate in 2020.

Based on our current costs and development plans, our PRO Subscriptions prices as of January 1, 2020, will be as follows:

  • Individual PRO (single user, non-shareable) – $130 per month or $1,300 per year;
  • Enterprise PRO (unlimited users) – $390 per month or $3,900 per year.

If you are a subscriber, you will be automatically rolled over to the new plan and rate applicable to your PRO subscription at your first scheduled billing period in 2020.

As always, you can manage your subscription online at Settings > Subscription & Invoices.

Should you have any questions, please get in touch.

Thanks again for your support in 2019, happy holidays and see you in 2020.

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HOW TO: Brokers get your For Sale deals in OpenComps

OpenComps aims to create a record of the life cycle of a hotel property – when it was build, when it was offered for sale, when it traded, when it was refinanced, and even performance metrics under different owners, managers or flags.

In addition to recording your sold deals (comps) — demonstrating your hard work and success in handling a transaction — you can also record when you take a property to the market. Doing this can help you reach potential buyers and further establishes your transaction capabilities.

Getting your for-sale transactions in OpenComps is easy. Simply hit the +Add New button at the top of any transaction list to get started. Chose Public and For Sale as your group visibility and transaction type and enter the basic property information.

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Introducing Enterprise PRO Subscriptions

One of the great new OpenComps features from last year was the ability to create private entries within a workgroup. This moved OpenComps from just an online research service to a real (cloud) software. With this feature, you can take advantage of the incredible database technology that was developed to keep OpenComps’ public coverage of comps, new developments, for sale, debt comps and full P&L financials, to organize your own internal information of the same type. No more crashing-prone Excel files that store ADR & occupancy, or full P&L financials, or your own set of comps, or a list of the for sale offerings you receive from brokers. No more questions like “Where did we store that information?” and “Who saved over the correct Excel file and ruined all my changes?” Now, you can store such crucial competitive information safely, securely and conveniently in OpenComps and make it available to anyone in your workgroup, from anywhere (desktop or mobile).

To encourage the adoption of private entries and collaborations within a workgroup, we are abandoning the per user pricing for group accounts (and manual administration) and instead switching to a flat-rate Enterprise PRO plan, all self-administered online. The Enterprise PRO plans can handle unlimited number of members based on a specified enterprise email domain (e.g. @superprimehotels.com).

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General Updates

New! Financials… and Pricing

We are super excited to launch today our latest feature: the ability to record and save P&L financials. You can add financials as public or private entries – your eyes only or within your shared group. Let us walk you through the details.

Expanding on our coverage – like developments, debt comps and for sale markers – we feel that with financials, we have truly created the ultimate intelligence-gathering tool for the hospitality investment professional. How often have you collected competitive performance information and save it in an individual Excel file that afterwards only goes to die together with a completed or aborted project? And even though you feel you will forever remember that information and where it is stored (after working so hard to gather and organize it), somehow nobody ever remembers where that information was stored or saved. Now, you (or your workgroup) can save these financials in an easily searchable database with the ability to quickly find and retrieve the information.

Saving financials in OpenComps is super easy and works as follows:

  1. Create a Financials transaction marker for a property – you can create it from scratch using the +Add New button in any transaction list. Or you can jump start a new Financials marker from an existing transaction, just use the +Add New dropdown in any transaction. You can choose to create the marker as Public, Only Me or Shared Group, which would make the marker (and its associated financials) available and visible either publicly to all or privately to you only or within your workgroup.
  2. Add P&L financials to a Financials transaction marker – once you’ve created your Financials transaction marker, you can add P&L financials using the +Add button in the Financials section.

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General Updates

OpenComps 4.0 – Private Entries

On the heels of us turning 10, we are extremely happy to announce our latest update to OpenComps. We feel that it significantly enhances and changes the purpose of the site that we would like to call this OpenComps 4.01. The new feature is the ability to record private entries.

What are private entries? In addition to creating publicly-visible entries, you can now create entries that can be seen only by you (Only Me) or by your shared private group (My Group). And we really mean the only part! We have worked extra hard to make sure nobody (even admins) can get to your privately-recorded entries. Those entries are yours and yours alone.

While only you can see them, you don’t have to do anything different to search the database and see your entries together with the public entries. For example, look at this search for “paris” and how easily you can filter your search results to show everything, only Public entries, only Only Me entries or only My Group entries:

If you noticed, the private entries are highlighted in the search results if there is no filter selected. The rows for the Only Me and My Group entries are in an unique, highlighted color and they also begin with an icon showing either a single user view or group of users view. Let’s take a look inside the entries:

Also, we hope you noticed that there are three entries for the same property. One happens to be a Public Comp transaction, one is My Group Comp transaction and one is Only Me Comp transaction. For the same search you can now see what is available publicly right next to any available private entries for the same property. Of course, the private entries could be either for the same Comp transaction or another Comp transaction. Or it could be a For Sale tracker, Development or Debt Comp. Because they all have the same address (and geocode to the same location), you can see all entries in the Related tab, which maintains the same highlighted rows format.

From any transaction entry for a given property – Public, Only Me or My Group – you can start another entry for the same property that can be either Public, Only Me or My Group by selecting the appropriate option in the +Add New dropdown. This is the quickest way to overlay a private entry on top of a public entry, or create a different entry type (Comp, For Sale, Development or Debt Comp) to a property. Or you can start from scratch with the +Add New wizard from any transaction list.

If you have Export privileges, you can export private (Only Me and My Group) entries as much as you want. Unlike Public entries, private entries are yours and there are no limits to how often you want to download them in an Excel-friendly CSV format2.

The powerful Advanced Search is fully enabled for you to search either across all transactions or limit to what’s Public, Only Me or My Group. Also, the instant statistics in Insights are similarly recalculated based on your preference for which transactions you want to be included. Please, rest assured that you are not seeing aggregated numbers that are including someone else’s transactions or that your transactions may be included in someone else’s Insights screens. As mention already above, your entries stay private throughout the entire site and nobody can see them or have them included in their aggregate screens.

Recording of private (Only Me or My Group) entries is a feature available to PRO subscribers. In fact, the shared My Group is based on the shared billing group, which is currently set up only by an admin. However, if you happen to be a PRO subscriber and created private entries, these will still stay available to you3 in full detail to see or search across even if you happen to drop your PRO subscription at some point (we hope only temporarily!). You just won’t be able to add new private entries.

We are really excited about this new functionality in OpenComps and we hope you will decide to take full advantage of it and support us by becoming a PRO subscriber. If you need to set up a group subscription, please don’t hesitate to contact us.

We would love to hear from you with any comments or ideas about this new functionality. If you would like to discuss it in more detail via a private web-conference, just just get in touch.

  1. 1.0 – initial launch in 2006; 2.0 – site redesign and reactivation of development in 2012; 3.0 – social/newsfeed functionality in 2015
  2. In fact, even Public Your Additions transactions – transactions that you’ve contributed to the public body of transactions – are also excluded from the daily and rolling 30-day export limits
  3. For My Group transactions, assuming you still belong in the shared group.
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OpenComps Turns 10

Happy Cinco de Mayo and with that happy 10th anniversary to OpenComps! It was May 5th, 2006, when the site first went live!

Thank you for your support throughout the years and looking forward to the next 10!

Svetlin

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PRO Feature Review: Advanced Search

In OpenComps, easy and intuitive design is on top of our minds. To find something on OpenComps, we have a large search bar persistently on top of every page. It is big, it’s easy, it’s quick. (And did you know that pressing “/” on your keyboard on any screen, brings you inside that search bar? Type “?” (Shift+/) to see all keyboard shortcuts.)

However, this basic search is like shooting with a canon; it searches for the given keywords in all database fields at once. Sometimes to kill the right bird, you need to shoot with a rifle, a more refined and precise instrument. This is where Advanced Search — available to all PRO subscribers — comes into play.

Advanced Search

You can find Advanced Search in the More dropdown at the end of the basic search field. On mobile, it is on the rightmost on the home row of buttons at the bottom of the screen. Or, you can type “a /” (a followed by /) as a keyboard shortcut (because you are a power user!).