For positives, we found this to be a fairly comfortable hotel, with an interesting history, and good location. Our room was clean, and the staff were generally courteous.
There are a few drawbacks that warrant the 3 stars. While our room was quiet, our friends had a room in another part of the hotel where noise from late night partying on the weekend from the neighborhood didn't stop until 6am, which prevented them from getting any sleep. Also, the rooms are dated with some furniture worn out or broken.
Finally, we did have one negative encounter with a staff member from security. Our friends (also staying there) came to our room with us so we could grab a few things before heading out. A staff member confronted us and suggested we had 4 people staying in the room. I understand the need for vigilance, but the way it was handled left a bad taste.