We stayed here in October (9-11th, 2011) and really enjoyed our stay. The rooms were very clean and breakfast was very nice (and the breakfast room was lovely). While perhaps not the newest and most modern, it was a very nice hotel - lots of charm and character. The key was not your usual card, it was an actual key with a heavy fob with the room number on it! It is right across the street from the Octoberfest grounds (though it was already over when we got there), just a few minutes walk from the train station, so it was also about a15-20 minute walk to the Marionplatz, which is where all the shopping and attractions are located. Staff were as helpful as they could be, which made for a nice stay. Thanks!

Ignore the bad rating - it baffles me where it came from. Like most hotels in germany, this one is very clean, comfortable and affordable. The breakfest is excellent, the rooms are spacious and spotless, and the staff is helpful. It's a 5 minute walk to the subway and a 30 minute walk to town. Only a high maintenance whiner would not like this place.

Plus: It is like a 2 min. walk to Oktoberfest grounds.
Negatives: It was a dive! 229 euros a night for a dirty room that looked like someone had set mini-fires on the floor. I didn't go barefoot in the room my whole stay. It looked like it was a lovely hotel several decades ago but it has been completely let go...I felt like I was staying in Hotel California from the Eagles song.
Munich has excellent public transportation that runs until 2 a.m. (Oktoberfest closes at midnight). My friend got a much nicer placer for MUCH cheaper that was only 4 metro stops away.

We have stayed at the Hotel Siebel four different times, since 1996 and have had a good experience each time. It is across the street from the Octoberfest grounds and there is always something going on there, even without the Octoberfest. It is a block from the U-bahn (underground transportation) and easy to get around. We loved the breakfast. We loved the attitude of the staff. When we return to Munich, we will definitely stay there.