It's a short cab away from the famous racoleta cemetary, gardens, markets and it's a 2 minute walk from the subway to take you across town. Staff in the hotel were amazing at suggesting things to do and places to eat.
Palermo is just interesting to walk around in, transport is easy and fun to ride the subway. The staff can set you up to attend a Futbol game (as in soccer). That really is a must do while in Argentina. And look into the Tours for Tips walking tours. They're not in this neighborhood, but are a wonderful way to learn about the various neighborhoods in the city.
It's in the Palermo neighborhood. I don't know what you like to do so I would suggest doing a google search on the Palermo area and see what you think. I liked it there, i found plenty to do. Transport is easy all over the city so getting around to other areas was not much of an issue for me.
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