We spent 2 nights at the Hotel in last week December 2011. Hotel is new, fresh decors, modern lift, adequate rooms and very near the main Plaza Nueva. Very short walking distance to main streets and shops. Public transport was easy to Alhambra within 10 mins, though one could walk as well. Restaurants were near and open till late at night.
We booked 2 double rooms with 1 extra bed each. Rooms were clean and comfortable.

Opened in March of 2011 so everything is NEW.  It's a minimalist look just steps from Plaza Nueva which is a great place to be.  The hotel is down a very short street and around to the right. Cant see it from the plaza; we had to ask.  It is also very close to the bus stops that serve the Alhambra and the bus terminal.  We came in from Sevilla and it was very easy to hop on the bus, get off at the cathedral and walk to the hotel. From the hotel you can walk to the famous tapa bars - with every drink the house gives you their complimentary  tapa of choice or in the case of one of the bars we went to, you could choose from a menu of about seven.   My son loved the heated towel racks in the bathroom - it was 2 degrees Centigrsde last week so....very, very nice.  

Great Value, Great Location but noisy bar below
Very clean rooms with tasteful and modern decor that was spotlessly clean.
Excellent central location in the old part of the city walking distance to the Alhambra
Very good value for money.
The only negatives were:-
Our room was one floor up from the very popular and thus very busy hotel bar. Lots of smokers drinking outside under the patio heaters making quite a racket.
Parking your car in the garage takes quite a bit of skill and nerve negotiating the tight and steep ramp.

We stayed here on 24th - the quiet night! Hotel is spotlessly clean, beds are extremely comfortable. The location is excellent for getting around the city. We read previous reviews about the entrance to the carpark and decided against using it (we were very glad when we saw the entrance) - San Augustin car park is 5 mins walk away and only 3 euros more expensive than hotel with far easier eaccess. Lots of great bars and restaurants close by. We paid 65 euros and this was extremely good value for money.