This hotel was very close to everything. Walk only 5 minutes and you'll get to the Old Town Square, Karlovy Most, etc. The amount of noise from outside was TOO MUCH though. After 10pm we would hear drunk people from the nearby bars yelling and screaming. As the morning comes and you start walking out, you'll see the traces of nightlife everywhere: trash, bottles, ponds of vomited food...
The room was nice but the building itself has a lot of mold that needs to be taken care of. You can smell humidity everywhere and walls have water marks on them.

The location was a few minutes walk from Charles Bridge in the middle of Old Town. I reserved the attic room which was lovely and spacious with low, sloping ceilings (for all you tall people) Just be aware that the elevator doesn't go to that level. You have to get off the third floor and climb a flight of stairs. There is no real shower in the bathroom, just a huge bathtub. The internet connection worked the first day and then stopped working. There is an internet station downstairs, however. The breakfast was not very good; I would recommend eating elsewhere.

The metro is a good 10-15 walk; with luggage and cobblestones, it can be a bit of a drag. The streets do not run true in Prague so you be prepared for a little confusion upon arrival. When a street intersects another, it often doesn't pick up again until a half-a-block, sometimes a whole block down.

I booked my room through Hotels.com.

I already wrote a review for Expedia, which we used in order to take advantage of the credit they offered.
I consider several factors in choosing a hotel, then rating it afterwards. I also try and get hotels that have character or a feel for where we are, or the type of trip I am on. In other words, when Prague, I don't want the Hilton.

Reviews by others are very important, and we do our homework. This one didn't pop up on my searches but was recommended by family and frequent user. Also, location, price, breakfast, communication. This hotel had it all.

Location is near everything, but on its on little square, not the crowded main square. Sure there is a beer area outside but they pack up at a reasonable hour and mostly it is people just enjoying the sunshine. It didn't bother us. In fact if we had time and they offered something other than alcohol, we may have joined them.
The little church had an orchestra concert one night and if we had known we could have watched and listened from our room (thru the windows). We only caught the very end.
We managed to the hotel by the train, metro, and on foot, with luggage. Not bad.
On a trip like ours, time is valuable and better spent not looking for places to eat breakfast. The cellar room/breakfast was perfect for us. I had to ask for hot chocolate but it was available.

this hotel actually had an elevator which was really nice. Many don't. Each time we went up and down I noticed the dust on the furniture below. Hmmmm. Housekeeping must not use the elevator! Once in the room, cleanliness, good hot water pressure, lighting, mirrors, space to put personal bathroom items, comfort and sometimes view are considered. The room was large (not the attic). I asked for a "king" but it really is a larger double. The hooks by the door were handy for our outerwear and day gear. Bathroom lacked much room to put stuff, hair dryer was minimal (hose too short to reach and little power), low lighting. Shower was wonderful. 5 mirrors in the room, just not enough lighting. (Those of us that can't see need these things).
I slept wonderfully and my part of the bedding was great. Hubbys half was lumpy. I didn't believe him until I felt it. he opted not to mention it to hotel and suffer 3 nights. It could easily have been changed. Didn't figure out temp controls, if there were any. Nice view out onto courtyard and the church. We walked all over the city, didn't use transportation except to get to hotel, and this was doable. Staff was very nice and tried to help although not always knowledgable. They kept our luggage the last day while we waited for the night train out. We continued to use lounge, computer ( free in the lobby for those of us disconnected from the hi tech world, and lobby bathroom.
Nice little "non touristy" shop around the corner.
A few good restaurants in area, mostly more costly than we had expected.
Note: The trainstation is where you purchase tickets. The closer place in town by powder tower is closed. We walked to one, then all the way to the other...as my brother in law put it...to save a few dollars in taxi fare. :}

I would recommend it.

This hotel was in an old building in a quiet square very close to the main square. I loved our room in the attic because it had exposed beams and nice furnishings. It was a little dusty but I didn't mind. Breakfast is included in the price as is free use of a desktop computer with broadband internet. Overall a good stay and I wouldn't mind staying there again.