My wife and I enjoyed our stay at the Falkensteiner very much for our vacation in Prague. The location is super convenient--less than 5 minutes walking from the main train station, and it was walkable to all of Prague's main sites also. The Narodni Museum is less than 10 min away walking, Old Town Square is 15 min, and the Charles Bridge is 25 min. Prague Castle is about half an hour by public transit.
Our room was very stylish and spacious, and the bathroom amenities were clean and great (shower controls were a bit tricky). AC worked but not as cool as my wife preferred. Americans might need to get used to it. The WiFi was great, and the staff was super friendly. We didn't get a chance to check out the Monkey Bar downstairs, but it looked really nice.
Overall, a great place to stay and a great value given Prague's cheaper costs compared to much of Europe. Would definitely stay here again!