We stayed for 3 days in early December, 2009, and found the Old Lady very comfortable, but old-fashioned. The lobby area is gorgeous, and recently renovated. Sadly, the Chilean government owns the building, and will only give PanAmerican Hotels a one-year lease. Hence, no more renovations.
We had a balcony room on the park, at first. Very entertaining, but too noisy and worn.
Then we got a 3rd floor room on the river. Much quieter, and a lot less wear and tear.
The staff were wonderfully helpful and friendly.

I stayed here after staying at 3 other recommended hotels in Vina, and finally found what I was searching for - a stylish, welcoming, spacious, grand old hotel that had that Latin American touch, yet with fluent English speaking staff (now in elegant, slow decline, but was once 5 star). The service was excellent and the breakfast (included in the extremely low rate of $70 a night) amongst the best that can be obtained in Chile. What helps this hotel stand out is its location on a lovely, large plaza, with nice local restaurants just off, and its outdoor swimming pool. Believe it or not, this city has only 3 hotels with a pool, the Sheraton, the Casino and this hotel. But the rates at the first 2 are astronomic! My room was large and comfortable, with nice 70's bathroom fittings. The elevators have a uniformed operator - nice! And the parquet-floored common hallways must be amongst the widest Ive seen in 50 years of traveling. I was very content with the standards at this hotel, considering the rate is the same as at many 1 star hostels!

The description on the internet is VERY misleading! We looked at three rooms and all were as bad! Value, no! Clean, No! We felt very sorry for the staff who had to endure this depressing place!!!!
Over priced and poor! We were ment to be booked into a double superior, got twin, moved to double and still not good, so asked for best room, that was a suite.....well the antiques in the room were grand but value NOT! we got in a taxi and found elsewhere much better and for the same price.

Made a reservation direct with the hotel. Wen we arrived our room was still booked, must say that this seemed like a nice room. The room we eventually got was old and dark, after a very long discussion we got a discount and a free drink in the bar.
Breakfast was oke, but definitely not a 4-star hotel. It could use some renovation.