Photo from Tripadvisor.com
The booming hospitality market continues to grow, according to a new report from Tourism market research firm STR.
STR’s May numbers were just released, showing that occupancy rates in the New Orleans metro area grew by 4 percent to 74 percent in May compared to the same time in 2013.
The increase in rates led to a boost in revenues, with average revenues of $106.63 per room in May compared to $99.13 in May 2013.
Room rates also increased from $140.60 to $144.03.
While occupancy is up from May to May, STR reports that occupancy rates for the year to date are slightly higher than in 2013, growing by about 1.1 percent to 72.9 percent. Across the board, the average occupancy rate in New Orleans is near 70 percent out of approximately 44,000 rooms in the market.