The Cornell University School of Hotel Administration has distinguished Randell A. Smith, the co-founder and former chairman of Smith Travel Research (STR), with the prestigious 2021 Cornell Hospitality Icon of the Industry Award. This esteemed accolade was presented at the Cornell Hospitality Icon and Innovator Awards ceremony, held virtually on June 8, 2021, recognizing Smith’s monumental contributions to the global hospitality sector through Smith Travel Research.
Randell Smith Honored as Cornell Hospitality Icon
Smith, alongside his late wife Carolyn, established Smith Travel Research in 1985. What began as a U.S. hotel census company has since evolved into a global powerhouse, known today as STR. Headquartered in Hendersonville, Tennessee, Smith Travel Research now boasts a team of 350 professionals across 15 countries. The company is renowned for delivering comprehensive data benchmarking, sophisticated analytics, and invaluable marketplace insights to the worldwide hospitality industry. Smith Travel Research’s extensive database encompasses data from 64,000 hotels, representing a staggering 8.7 million rooms across 180 countries.
Smith Travel Research’s growth trajectory includes the formation of STR Global and STR Analytics, which were unified under the STR brand in 2016. Further expanding its influence, Smith Travel Research launched Hotel News Now (HNN) in 2008. HNN serves as a dedicated platform for delivering news, expert opinions, crucial data, and trend analysis, all underpinned by Smith Travel Research’s proprietary data. Through its website and e-newsletters, Hotel News Now also manages the Baird/STR Hotel Stock Index, focusing on U.S.-based and -centric hotel entities.
In a significant industry development in the fall of 2019, Smith Travel Research was acquired by CoStar Group in a $450 million transaction.
Kate Walsh, the E. M. Statler Professor and dean of the School of Hotel Administration, emphasized Smith’s transformative role in the industry. “Randy Smith revolutionized the hotel industry by introducing analytics, making in-depth market and competitor analysis and performance benchmarking not just possible, but essential,” Walsh stated. “He fundamentally changed the landscape and established the gold standard for data intelligence and global benchmarking. This empowered hotels, owners, and operators to engage in strategic competition, plan effectively for future growth, and gain a profound understanding of their customer base. We are immensely pleased to recognize his extraordinary impact on the industry with this award.”
Throughout his distinguished career, Smith has garnered numerous accolades, including induction into the U.S. Travel Hall of Leaders and the University of Houston’s Hospitality Industry Hall of Honor. His honors also feature HNN’s Stephen W. Brener Silver Plate Award, the ALIS Lifetime Achievement Award, the Hospitality Sales and Marketing Association International’s Albert E. Koehl Award, the IREFAC C. Everett Johnson Award, and the ISHC Industry Pioneer Award. Moreover, Business Travel News has recognized him among the 25 Most Influential Executives of the Business Travel Industry.
Smith is actively involved in industry organizations, holding membership and past co-chairmanship of IREFAC and formerly serving as vice-chairman of the American Hotel & Lodging Foundation Funding Committee. As a charter member of ISHC, he has also contributed to its board of trustees.
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 sectors. This event is a vital fundraising initiative, supporting the school’s annual fund, which provides essential need-based scholarships for deserving students.
Further details regarding the Cornell Hospitality Icon and Innovator Awards can be found on the event web page.
This article was last updated on April 21, 2021.
