It's hard to say whether this place was ever great. Truth is, everything about it now is average. As part of a tour group, I stayed in 4 different rooms during our 2 week journey round Ethiopia. Two rooms at the start (the lock broke on my first one!), one room in the middle and one as we were leaving. They were all virtually identical in layout and general shabbiness.
Buffet breakfast was OK but didn't get re-stocked unless you asked - and then only grudgingly. Which leads me to the overall service, which for the most part I found to be downright indifferent and rude. I arrived one day before the rest of my group. Until they arrived, I was charging food and drink to my room - standard practice you'd think? When the front desk staff realised that I was now part of a group, I was no longer allowed to sign for extras, cash only, and when I went out for a walk, they refused to give back my key until I settled the previous bill. I was all set for a stand up row until they backed off.
As others have said, the gardens are fantastic - see my photos.
There are a couple of decent restaurants close by: turn left at the end of the drive for Chinese, turn right for Italian at The Cottage (longer walk). But be careful - one of our group was mugged only 100m from the hotel. I know it can happen in any big city but these kids are well organised, quick and brazen.
Final note - I couldn;t get the wi-fi to work after buying a very expensive voucher.

The Ghion has a certain iconic status - and therefore feels it does not have to work too hard. It is set in huge grounds, ones which are splendid and, for birdwatchers, a great treat - although we did get told off for looking at trees over the wall as that was the grounds of the President's palace! We were given a suite in a block near the main building. The bedroom was large and well-appointed with a good-sized bathroom, sadly with lukewarm water and a shower curtain which allowed water to spray across the room. Attached was a sitting room with comfortable chairs and TV - and another bathroom. Clearly this had been used as a bedroom in the past. There are three restaurants/bars and they varied in quality. A lunch was poor, slow to arrive and, for once, insufficient in quantity. Supper was better - in a different restaurant, but chilled tomato and avocado soup became hot tomato soup! A set menu lunch the next day was very good, and an evening meal OK. In general, could do better. Service was poor to good. The whole place needs a good shake-up.

I've stayed at the Ghion several times over the years and I like it. It bears its scars as a government run operation clearly but has its charms. It is safe and secure and stands in its own grounds. The common areas are a little dated but very clean and well maintained. There are some very helpful individuals running commercial units (bookshops, etc,) in the lobby. The rooms are dated but I've always found them immaculately clean, bathrooms too. I've found you sometimes need to run the hot water for a while before you get a hot stream but I've never not had one, I'm sure it's possible problems sometimes happen. The Breakfast buffet is good and they will prepare eggs to order. Some staff are better than others (some are highly professional by any standard), but many are charming if a little slow, English (and other languages), is not universally spoken, this can lead to misunderstandings. There are time consuming paper-work obsessed routines to paying bills, this could be improved. The grounds are outstanding, lovely and worth strolling in. The Ethiopian restaurant beyond the somewhat arid European style restaurant room is very nice, sometimes has music and dancing, and the food is excellent, eat there (this rule applies to most places in Ethiopia), or there are many modern Ethiopian eateries nearby along with a Chinese restaurant around the corner (banks too, Dashen banks have ATMs), on the square. This hotel is fine if sometimes a little odd (so is Ethiopia), I commend it unreservedly anyway.
I'm glad someone here mentions the nocturnal roaring Lion, no one ever believes me.

This hotel has character! Its a little outdated but so much more inviting than the tall modern, and empty, lifeless hotels that line Addis Ababa. This hotel has green sprawling lawns and is right in the center of the city- walking distance from so many things. You can walk around the compound without being accosted by beggars and street children. Its like an oasis in the center of a bustling Addis Ababa. The service is not great, but that is typical for mid-range restaurants and hotels in Addis. This is my first choice in Addis. And the Ghion in Gondar is my fav. for that city as well.