I have spent 3 nights at this hotel in June 2010 and was extremely impressed!
Hotel Colombo is a family-run hotel, and the family are very welcoming, friendly and exceptionally helpful. My room was large, very clean and nicely decorated. The bathroom was also clean and very modern! I had TV in the room. While staying at the hotel I felt very safe. The breakfast was included which was big.
The hotel is located the historical part of the city in 5 minutes from a tram stop and in 10 minutes from the Prague's main international railway station Hlavní nádraží.

Just back from a trip to Prague,stayed at the Hotel Columbo. I was a bit wary after the other reviews, but shouldn't have as the hotel was great. The location was ok bit hard to find your way into town on trams, but once we found our way it was fast and easy.
The breakfast in the hotel was a bonus, everything we needed and more,set us up for the day.There are plenty of restaurants around the hotel,but we tended to eat in town.I would definitely stay at this hotel if we return to Prague as the price was great and rooms were ideal for a base.

We stayed in the Hotel Columbo for 3 nights in July on a trip to Prague. The hotel was nice, clean and good value. Our room was very large. Breakfast was included which was bread, ham, cheese, salami and cereal.

As noted on one of the other reviews, the TV is entirely Czech - but we still managed to work out what was happening in the world cup final despite the language barrier. :)

Overall the hotel was excellent, the staff were generally very helpful.

The hotel location is a bit away from the historic centre of the city, though it is only 3 or 4 stops on the tram or bus, so easy enough to get to. We travelled from Budapest by bus and found the hotel quite easily off bus route 133 from the central Florenc bus station. The district where it is situated is central enough to have a number of reasonably priced restaurants and pubs locally, though it is quite hilly and the hotel is on a steep hill so it may not suit anyone with difficulties in walking.

Being away from the centre the district was a lot quieter than I would imagine the centre to be, judging from the number of tourists there. Prague in July (or this July at least) is surprisingly hot. The room was not air conditioned, but the helpful staff loaned us a fan.

I would have no problem recommending this place to others.

Spent 3 nights at this hotel and was extremely impressed. The family running the hotel are very welcoming, the rooms are large and very clean, there is a generous spread for breakfast and it took me 15 minutes to walk into the heart of the centre. I had to pay in cash but I didnt find that a problem. For the money I think you would be hard pushed to find better.