Very noisy area, but close to everything. The room was nice and clean, the staff was friendly and welcomming when we arrived. I can recommend this place if you are planning to party and go into Prague night life, if you are only planning to see sights and get a good night rest, you should probally look somewhere a bit outside Oldtown as this becomes noisy doring night times.
However we had an minnor issue with getting a taxi home to the airport, the staff help us with booking in the end, but as we were 5 people we need two taxies. When going from the aiport we got a bit one, but that was apparently not possible when going back, but the staff promised that we didn't have to pay full price for both. This seemed however to change when we arrived to the airport and the Taxidrivers wanted money. I don't think this was an hotel/staff issue, but more an general turist in Czech problem. Especially in Prague most of the Taxi drivers/Shop owners/Resturants tries to get more money from turist than first aggred on.