I was taveling with a group and we stayed at this hotel in December/January 2003. All I can say is scary. It is on the local side of town and is a walk to the beach. That walk includes passing through a pretty unsavory area. The food was interesting and made many members of the group sick. The staff was nice but did not speak much English. The rooms wee basic and not all had working air conditioning. It served it's purpose but I definately felt like I was roughing it.

We thoroughly enjoyed our stay at the Panoramic Hotel in Acapulco.
Staff were friendly and very helpful. We hope it is still in operation so that we can return soon. Meals were wonderful, bar staff friendly, management helpful. Not the most expensive place, but very hospitable.
Would go back there in a minute.

You get what you pay for.... this hotel was modestly priced and had modest amenities. I was prepared to stay off-beach, so the 300 metre walk up the Condesa Beach hillside was a good prescription of exercise for me and I was prepared for it. Staff was friendly, view from out room on the top floor was fantastic - all-in-all an okay vacation.
Acapulco ended up being way more expensive than I anticipated (even more than Cancun, but not NEARLY as nice) I found the city to be very much on the grungy side, and the beach/water was just okay. Be prepared to be completely harassed by the vendors on the beach. Fun party atmosphere! I LOVE Mexico, but if you want a lively resort vaction with a beautiful beach and good times, Cancun is sooooooo much more for the same kind of money. I've been all over the Carribbean - I'll return to Cancun on my next trip, I'm not sure I'll ever return to Acapulco.