Recently stayed for 5 nights and was pretty satisfied. The property is located right in the middle of Centro Historico, so it's a 5 min walk to the Zocalo, Bellas Artes, Metro Allende. The location is either the best thing about it or the worst depending on your point of view. I thought it was fantastic. If you are adverse to noise and crowds you may want to look elsewhere. It is located on a walking street so you will need to arrive and walk a block or so with your bags to check in, there is no parking/valet, etc.
As far as the rooms and property itself...it is an old building and isn't fancy. What it lacks in aesthetics it makes up for in functionality. The rooms are clean and spacious, if a bit dated, the beds are comfortable (on the soft side), the water is hot, the water pressure is great, and the plumbing had no issues. Often in Mexico plumbing can be a problem.
As always in Mexico, the service from the staff was fantastic. Our housekeeper made our rooms up everyday without asking. Fresh waters and towels were provided every day, and help was provided with a smile and warm attitude.
I didn't try the restaurant but with unlimited options in the immediate area (literally steps outside the entrance) I didn't have to. There are hundreds of options from upscale to street food within 5-10 minute walk.
At less than $100 per night this Hotel is a tremendous value if you want to be downtown in the middle of everything. I would definitely stay again.