I stayed here in June with two girlfriends for a weekend trip. We stayed in a loft room, which would have easily slept five and not felt cramped. Everything was clean, although it was definitely old and had seen better days (hence, 4/5 rather than 5/5). There was some peeling paint, old fixtures, and linens were worn, but for the price, we were totally fine with it. The fan in the bathroom was AGGRESSIVELY loud which was more of an issue than it sounds like in writing.
The staff were friendly and attentive. We arrived late and received a warm welcome. All three of our keys became demagnetized and a staff member arrived at 2am to fix the situation one night. They also ordered us a cab at 6am to take us to the airport. It all went smoothly. They were also able to provide some great recommendations to a friend who was interested in day trips outside of New Orleans.
The location is great- walking distance Bourbon Street, the French Market,and all the other attractions of the French Quarter. It's removed enough from the action that you don't have to deal with the debauchery of Bourbon if that's not your scene.