Ideally situated for night owls - the hotel is right at the end of the famous Reeperbahn. Here and nearby are plenty of bars and eating places, as well as the renowned "gentlemen's" clubs. The huge port is a 10 minute walk away, where you can tour a decommissioned Russian U-boat.
The hotel itself is unashamedly budget. They have self-confessedly reduced costs by excluding trouser presses, in-room phones and other 'non-essentials'. The rooms are quite small and basic, but you're not here to spend long periods in your room, are you?
Everything was clean and tidy, and the room was perfectly warm; appreciated given the December temperatures outside. Some rooms face inwards overlooking an inner atrium; others, like ours, face the road but traffic noise wasn't noticeable.
Breakfast is quite basic; if not included in your tariff you may be better off going elsewhere. Having said that, we missed it one morning but the receptionist managed to rustle us up some cakes and coffee, which was a nice touch. All the staff were smiley and efficient.
Overall we had no complaints and would stay there again. No frills but it does exactly what it says on the tin!

We were very happy with our stay at the Zleep Hamburg. it offered everything we were looking for: Cleanliness, friendly staff and a good location. It is literally over the road from the Reeperbahn S-Bahn station and far enough away from the pubs/clubs to be quiet. The room wasn't the biggest but we spent most of our time away from it anyway so this wasn't a problem. We were offered a smoking or non-smoking room which I thought was an added bonus. I have nothing bad to say about this hotel.

Very clean and tidy hotel, friendly check in staff and very close to the metro station. Ideal hotel if you are looking for something cheap with easy access to the city centre. As the other reviews have said it is in the red light district so probably not the best place to stay if you have children.

The Hotel is located on the far end (away from hamburg central) of the red light district. We were there with a large group of lads on a stag. It was perfect for the likes of us but also there were many other guests staying who were not interested in drinking all day etc.... They seemed to be equally at home as we were.

All in all, for location/price etc its pretty good.

Note: Its at least a 25 minute stroll to the edge of central hamburg from the hotel.