There is nowhere in town to stay during the San Fermin festival, including Hotel Tres Reyes, where you will be able to fall asleep at night. The noise is incredible. Unless you enjoy drinking all night, and sleeping (after the "encierro") between 8:30 a.m. and 4 p.m., or you are deaf, you will not sleep during the night. The 2005 outside amplified music stage was the largest and loudest portable system I have ever seen in my life. The screen at city center came in on a semi-trailer and "unfolded" to about forty feet high. The speakers would not fit in most gymnasiums. If you want to sleep, stay outside of the old portion of town.
Hotel Tres Reyes is supposed to be the nicest in town, but there is no soundproofing of the exterior walls or windows. Actually, the exterior walls that contain the windows are some type of flimsy metal that move when you push on them. It felt and sounded as though, even with custom-molded earplugs, that the bands were right outside my window, with music pounding non-stop at unbelievable decibels until 6:30 am. For the noise factor, I will not stay at Hotel Tres Reyes again.
Otherwise, Hotel Tres Reyes is good because it is centrally located (in the old portion of the city where everything is happening), has a good breakfast buffet (that is included with your stay), representative of the local Navarra breakfast foods, and has a professional staff. It was the most expensive Pamplona hotel I found when searching in 2005, so I figured it would be a good choice. The hotel agressively rates itself as a four-star hotel, but I would properly classify it as a three-star. Note that the included photos shown are not of Hotel Tres Reyes, as the hotel is not on the route of the encierro (bullrun). One must rent a balcony for such observation, done by contacting a local agency that rents them from owners.
The problem with staying outside the city center is that you will walk for a half hour to get anywhere, you will be far from anything happening, and you will most likely not get a taxi, since thousands of others are competing with you to get one. Forget driving, because the city center is impossible to negotiate during the festival unless you are on a motorbike. The real problem is finding a parking spot once you get to the city center, as they are quite coveted.
In sum: San Fermin festival is a giagantic booze-fest that the world descends upon for eight days, not to be missed. If you don't want to sleep, stay in city center, and Hotel Tres Reyes will suit your needs. If you need to sleep when the sun goes down, stay outside the city center and bring some walking shoes. Book one year ahead.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC