I had my two children aged 7 and 5 with me. Staying in an apartment was great as my kids had their own room. There was no lounge but the master bedroom doubled up so it was fine. The apartment was very large and the kitchen was adequately equipped. Staff were very friendly and helpful. The kids especially liked the breakfast. There was a computer with internet access for guests to use in the lobby.
The hotel is located only five minutes walk from the Metro and Trams. There are a couple of cafe bars close by but far enough away so you don't hear them! The general store and bank is about 10 minutes walk, the Tabac is closer.
The size of the apartment and the location of the hotel means I would definately stay there again and have already recommended it to friends.
There's a great pub in town called 'U Pinkasu' http://www.upinkasu.com/pe-home/ . Very nice staff, great food (and beer), well worth a visit.
The travel pass is exceptional value for travelling around the city as kids go free on the adult pass.
I'd also recommend http://www.prague-airport-transfers.co.uk/ The driver was waiting at the airport for us and he had child seats set up in the car.More