I've been staying at Real since back in the 80s. Since then the town has changed a bit, going more upscale. Gone are half the souvenir shops, and instead they got 2 new museum buildings, china shops and restrictive traffic/parking rules. Real used to be a Relais & Châteaux restaurant, but apparently not any longer. The kitchen used to be run by one of the 2 founding brothers, but currently being run by his son I believe.

Been there a few seasons ago, and I hope it is still as good. They have both an indoor formal restaurant, and outdoor terrace. When I was there in the summer, they were serving dinner only on the terrace. Even on the terrace they had a large tasting menu, that was very good, and hard to finish it all. Buffet breakfast is being served in the formal indoor restaurant. It has a few choices, mostly cheeses, but very nice an quiet. They have an extensive wine cellar/wine list, and wine celllar visits may be arrangeable these days, though never been on one.

The hotel best feature is its central location (free parking). Reception closes overnight, but seems to be open quite late. The family occupies the few rooms above the restaurant, and the floor above that has the few rentable rooms. Rooms are generally small. The old rooms are in the front, facing the street with a nice view, but have the sink in the room, out of the bathroom. The new rooms are in the back, no windows, but have full service bathroom. The hotel sellable attributes are its dead central location, being able to dine/drink at the luxury restaurant and take the elevator to the room once finished. Last time I tried to book a room in March for a July stay the hotel was sold out already. Needed to get a room at one of the adjacent hotels, and use it as a base for dining and wining at Real.

When the company told be the Residence (my usual hotel) was full and therefore they booked for me at the Real, I thought is was all right since it is just next to it, in the centre of Vaduz. In addition, I already knew the restaurant, one of the good ones in town.
I arrived quite late but everything was well organised. Security opened the hotel for me, key was there and paperwork could wait for the morning after. So far, so good. The issue at the Real is the rooms... About 15 square metres and no A/C (although I went there in October, the room was quite hot). I had to move a piece of furniture to open my bag... Everything was small. And I was alone! According to the price shown in the room (single occupancy, CHF 185, double, CHF 200), they think two guests could share the room! And the floor map showed all the rooms are of about the same size... Wifi is the city's one, available but expensive (about USD 8 for 30 minutes or USD 30 for 24 hours).
Breakfast was all right, although no eggs were available.
In short, good service but tiny and hot rooms. The Residence is a far better choice to sleep in Vaduz!

This hotel is very decent, and although would seem pricey, is not compared to other local prices. It's in a central location (admittedly not difficult in a town the size of Cromer) and they let you park at the nearby Citypark for €4. As previous reviewers have said, the restaurant is also good, and better than anywhere I ate in Germany for similar prices.

I was pleasantly surprised by Vaduz - not anything like as "touristy" as expected (compared to Andorra or San Marino, for example), Leichtenstein is a proper little country with a varied economy, only a small proportion is tourism. Prices were not noticeably expensive, nor cheap.

I especially liked the visit to the nearby small vineyard, Hofkelleri, owned by the royal family, where they grow Pinot Noir to make reds and rosés of decent quality.

Tip - remember you pass through Swiss border controls who have different rules about transporting alcohol than the EEC.

Stayed three nights in early Sep 07, using Vaduz as a base for walking in the Alps. Hotel was excellent - central location, efficient staff, quick check in, comfortable rooms. Restaurant was outstanding; a cut above the hotel! The proprietors, a lady and a gentleman, both with some years, were visible very often and enquiring about the satisfaction of our party. A very nice touch.
One quibble - my room on the 3rd floor overlooked the pedestrian walkway in front of the hotel (the main walkway in town). It was pretty noisy early in the morning if I left my terrace door open.