I travelleed in December 2011 to Mexico City with some friends. We went here because we could use a corporate discount and even though I am Mexican, my friends are not, so we figured an American-style hotel situated right next to the US Embassy would be a safe bet.
In terms of security, which was a concern for my American friends, it's a completely safe location and, like I said, the US Embassy is right next door, so (depending on your point of view) it's pretty well guarded and convenient in case of any emergency.
The location in general is excellent. It's right on the Paseo de la Reforma, the main avenue in Mexico City and it's right smack in front of the Angel de Independencia statue. The Turibus bus tour ha a stop right across the street, so that's convenient as well (although doesn't stop all that regularly). We actually walked to the Zocalo from the hotel and it took us about 20-25min.
It's right in front of la Zona Rosa, with cute restaurants and bars (and gay bars if you are so inclined). But I really recommend La Condesa which is also really close, the bars and restaurants were fantastic for a real Mexican experience.
In terms of taxis, the hotel usually gaveus town cars which were easily 2 or 3 times more expensive than regular taxis, so buyer beware. I really recommend getting the number of a local taxi station and just calling them. It's not recommended to just hail a taxi on the street in Mexico City.
In terms of the hotel, yes it does look a little old, but that wasn't too much trouble. I got a haircut and had a beer in the bar and both were ludicrously overpriced. You can get much cheaper harcuts and beer acriss Reforma in the Zora Rosa. But in general, I thuught the hotel was overpriced. It was our fault for getting a business hotel, but if I was paying that price in the US, I would be fine with it. But charging that amount (About $120 US dlls per night) is extorionate in Mexico. I fI return, I would stay at the NH in Zona Rosa or the Marriot nearby on Reforma. I didn't think the price was worth it as a tourist.
This is not a complaint about the serice. The staff were very attentive and the concierge helped us get tickes to the Ballet Folklorico de Amalia Hernandez at Bellas Artes (a must!).