I went to this hotel some weeks ago, and have been upmost dispointed like never before.
First of all, I am an experienced traveler, and this is the first time ever I write a negative comment on trip advisor. Also, it was part of a backpacking trip, so I wasn't in a mood to necessarily expect the best service on earth... just a clean, friendly and convenient place.
The hotel itself is completely out of date, and you would wonder why on earth the still have 5 stars (2 would be a max).
The rooms are not even clean, and I really sleapt there as I had no other choice.
The location is really in the middle of nowhere, between Puerto Iguazu city and the airport. You will need an expensive taxi ride for everything you will do.... unless you want to try the restaurant, which I did not after seeing the room...
Additional comment: I guess most guests are interested in visiting the falls... and I was extremely surprised that no information (AT ALL) is available in the hotel !!!!
Last, I made some queries to the hotel manager, who made commitments but did not hold any of them... and surprisingly wasn't here when I checked out.
Cherry on top of that: for about 1.5kg of laundry (a small bag...) I have had to pay 400 pesos (65€ !!!); which at first they tried to invoice 700 pesos !!

Last advice: DON'T GO THERE !
There are many nicer options in Puerto Iguazu or around, don't be fooled by the 5 stars.

A beautiful hotel of yesteryears gone back due to bad upkeep. Huge space gud facility but no upgradation. Has become second class due to management. Has potential to regain top position.need to improve service. Overall value for money as low rent

Old style hotel with spa and swimming pool. Food is ok and breakfast better than describe here by some. Free internet in the hall. Taxis will drive you to town for 20 pesos and 60 pesos to falls. Air cond noisy but working ,,,,really noisy.

I echo the bulk of the results below. It probably was a good hotel and in some ways it still is. The 5stars it awards itself are a joke by European standards. I reckon it would take a 3.
Staff were helpful and pleasant from the pool to the room to reception.
It just needs a bit of money spent on it. I paid $106 ++ via agoda and so was ok value. I wouldn't have been happy paying more.
Oh. The two dirty beggar children at the front entrance don't help first impressions.