Recruiter's Glossary

Examples: Revenue Management • BAR (Best Available Rate) • Room Block

Comp Set

Term from Boutique Hotels industry explained for recruiters

A Comp Set (short for Competitive Set) is a group of hotels that are considered direct competitors to your property. These are similar hotels that target the same type of guests, are in the same area, and have comparable prices and services. Hotel managers use Comp Sets to compare their performance against competitors, set room rates, and make business decisions. It's like having a reference group that helps you understand how well your hotel is doing compared to similar properties in your market.

Examples in Resumes

Analyzed Comp Set data to optimize room pricing strategies, resulting in 15% revenue increase

Monitored Competitive Set performance metrics to adjust marketing strategies

Led weekly revenue meetings reviewing Comp Set trends and market positioning

Typical job title: "Revenue Managers"

Also try searching for:

Hotel Revenue Manager Revenue Analyst Market Analysis Manager Pricing Specialist Revenue Optimization Manager Hotel Operations Manager

Where to Find Revenue Managers

Professional Organizations

Online Communities

Industry Resources

Example Interview Questions

Senior Level Questions

Q: How would you establish an effective comp set for a new luxury boutique hotel?

Expected Answer: A strong answer should explain the process of identifying similar hotels based on location, price point, target market, and amenities. They should mention the importance of considering both direct and indirect competitors, and how to use tools like STR reports for analysis.

Q: How do you use comp set data to make strategic pricing decisions?

Expected Answer: The candidate should discuss analyzing occupancy rates, ADR (Average Daily Rate), and RevPAR (Revenue Per Available Room) of competitors, seasonal trends, and market events to make informed pricing decisions.

Mid Level Questions

Q: What metrics do you track when analyzing your comp set?

Expected Answer: Should mention key performance indicators like occupancy rates, average daily rate, revenue per available room, market share, and how these compare to competitors.

Q: How often should comp set analysis be reviewed and updated?

Expected Answer: Should discuss regular monitoring (daily/weekly) of competitors' rates, monthly performance review, and annual comp set evaluation to ensure relevance.

Junior Level Questions

Q: What is a comp set and why is it important?

Expected Answer: Should explain that a comp set is a group of competing hotels used for comparison and benchmarking, helping in making pricing and marketing decisions.

Q: What factors determine if a hotel should be in your comp set?

Expected Answer: Should mention location, price range, star rating, room count, amenities, and target market as key factors in determining comparable properties.