Table 1 Key Performance Indicators by YearComp Set of Former Hotel Owner le le 2019 2020 2021 Occupancy Rates 63% 68% 70% ADR $62.00 $71.00 $74.00 RevPAR $39.06 $48.28 $51.802 This data exhibits the aggregated results of the comp set of the Oasis under the former owners. Susan contacts the former hotel operator by telephone and by email, obtaining permission for the retrieval of historical data submitted to STR (see Table 1). The hotel's former operator used a comp set that included five economy hotels in the same general area, encompassing two zip codes. The KPIs are indicated below for the years ending 2019, 2020 and 202021. The former hotel's actual KPIs for the same years are shown in Table 2 Table 2 Key Performance Indicators by Year Actual Results of Former Hotel Owner 2019 2020 2021 Occupancy Rate 56% 59% 62% ADR $52.00 $60.00 RevPAR $29.12 $35.40 $39.06-12 This data exhibits the actual results of the Oasis under the former owners $63.00 Susan has access to physical hotel data for properties that report their KPIs in the Las Vegas area via STR reporting. She has the following selection of hotels from which to select for the Oasis' comp set, as shown in Table 3. The hotels selected have between 174 and 262 rooms. It is important to note that the class ranking of properties is dependent on average daily rate. If the Oasis wants to be ranked with these fi rms, then it would need to have a competitive ADR in the range of these fi rms. This information serves as only a guide to help Brett and Susan find a solution to comp set determination. Assuming that the Oasis will have ADRs within the range of the hotels listed below, and also that all of the properties below are within 2 miles of the Oasis, Brett and Susan are satisfied in choosing five properties from this list to create the new comp set. 20 executive suites: 1,100 square feet All amenities of junior suites plus: Living room: King size sofa with pull-out bed Two love seats Two reclining chairs and table Writing desk Mini bar area Dining room table with seating for eight Two bedrooms with either two queen or single king beds Property upgradesew amenities: Renovated lobby with marble and Italian ceramic flooring/ walls Limited-service bar with pub tables on first floor Fitness center for guests with locker rooms Full-service restaurant with bar on top floor Room service available 24 hours Full-service spa facilities Concierge desk Lagoon-type pool with poolside bar with daybeds and cabanas Free valet parking; free self-parking, executive shuttle to airport .6,500 square feet meeting/conference space Ready to Launch The Caravan Hotel was a midscale, full-service 300 room nongaming hotel on the edge of what is called the Las Vegas Resort Corridor in Las Vegas, Nevada. The hotel was recently sold to a hotel developer, Desert Rock Hospitality (DRH). The company has renamed the Caravan to the Oasis hotel. The new hotelier has invested considerable funds into upgrading the property into a more contemporary, upscale resort meant to compete with other non-gaming hotels in the Las Vegas Resort Corridor. The Oasis is scheduled to open in the coming weeks and a new competitive set of hotels remains to be determined by the resorts key management personnel, primarily the revenue manager, Susan, and Brett, the general manager. The determination of a new competitive set (or comp set) needs to be addressed as soon as possible because an accurate comp set is necessary to benchmark the hotel's performance. The existing comp set contains other midscale hotels that the Caravan used to compete against. Now, with the upgrades to the hotel, the Oasis owners are intent on competing for a more lucrative, affluent guest that does not want to necessarily be in a gaming environment. Brett, meanwhile, is engaged in readying the property for the planned Memorial Day grand opening (actually a soft opening the previous Tuesday before Memorial Day) and is meeting with the heads of the hotel's departments on a daily basis. He has tasked Susan with forecasting future demand, setting room rates, ensuring the subscription to STR is valid, and choosing a competitive set that will make sense given the renovations that the Oasis has gone through compared to the previous incarnation of the hotel (when it was an economy-scale hotel). Table 1 20 executive suites: 1,100 square feet All amenities of junior suites plus: