We enjoyed our stay at this hotel, we stayed for 3 days and paid a very reasonable price. It was somewhat noisy outside and no AC, but the spacious rooms, great personnel and rich breakfast made it up. We were also given free wine, which was too sour for us, but still nice. This hotel is not really in the walking distance of the very heart of the city, it is better to take the subway, but if you walk - it'll take about 20 minutes, there are some shops and reasonable priced places to eat nearby.

Spacious room, especially for inner city location. Mini-fridge in room. Shower in room (can't take this for granted in Europe!).
Only 2-4 blocks in either direction to a metro stop (2 different lines), but a tram stops less than a block away. Even without public transportation, this is a convenient location for walking tours of central Prague.

Complaints:
[1] breakfast was not ready on time and no coffee provided except a pot of hot water and a jar of instant. They had a good but non-functional coffee machine, so I would guess this was a temporary condition.
[2] don't accept credit cards (this is common in CZ) only Euros and CZK.

It is very near an excellent semi-traditional brewpub: Pivovarsky Dum

Stayed at this hotel for 4 days mid-July 2010. Double bed and a very large room with a great bathroom (and a bathtub!). A clean room and facility. Decebt location-- only a couple of blocks from the I.P. Pavlova metro stop and although not in the city center--it was a decent location and not too far from anything by metro or tram. The staff was helpful and friendly (pretty hard for the Czechs to be friendly) and most spoke English well for pedestrian attempts at speaking Czech. The breakfast was adequate and good.

The only drawback was that due to the very hot weather, we had to sleep with the windows open because of no air conditioning or fan. So, the nearby street was a bit loud and made sleeping difficult. So, if the weather is warm, I recommend bringing earplugs.

Stayed here for 2 nights and was very happy with the service, our room and the hotel facilities. We had a large comfortable room with a very big & new bathroom. The hotel & rooms were spotless and the service from the staff was excellent. There is a good breakfast and there is free wifi in the communal area. There is a safe in the room but no a/c so can be hot during summer months. Would definitely recommend this hotel to others & thought overall it was a very pleasant stay & great value too.