Nashville's tourist economy is hitting on all cylinders.
March marked the highest number of hotel rooms sold in one month in the city's history, surpassing October 2013's record by nearly 7 percent, according to Hendersonville-based Smith Travel Research.
Nashville sold more than 640,000 rooms in March, breaking the October 2013 record. Among the Top 25 markets for March, Nashville had the second largest increases in rooms sold, average daily rate, revenue per available room and and hotel revenue. Nashville was in the top five for occupancy growth.
Occupancy tax, a key indicator for performance in the hospitality industry, also experienced growth. That total is up 34 percent as compared to March 2013.
Tourist tax collections topped $4.75 million in March, up 33.9 percent from March 2013. So far this year, the city has collected $31.3 million, an increase of 20.2 percent over the same period in 2013.
"Once again we are seeing unprecedented growth in Nashville's hospitality industry," said Ed Hardy, chairman of the NCVC board of directors. "The numbers are reaching incredible heights. We must focus on sustaining this momentum and keeping Nashville a top destination for years to come."
By the Numbers:
- Nashville sold 641,932 hotel room nights during the month of March, an increase of 12.4 percent over March 2013.·
- Occupancy increased 7.2 percent over the previous year.
- Average daily rate increased 16.9 percent over the previous year.
- Revenue per available room increased 25.3 percent over the previous year.
- Hotel revenue increased 31.4 percent over the previous year.
- Supply increased 4.9 percent over the previous year.