I stayed there over new years as it was the most reasonably priced place (34 euro a night) I could find on relatively short notice. The lobby and restaurant areas are really nice and new. I was in an economy room - bed, closet, table, shared mirror, shower, toilet, which was really quite 'economy'. no large towels provided (used my own) and no place to hang wet coats or towels. These were all things I can generally live with, however the smell of the entire floor (oil) was nauseating. The bathrooms could also do with an updating.
Saying that, there were positives too. Breakfast was amazing, as was the restaurant, and all the staff members were really polite and genuinely helpful and nice.
Location is definitely not so great. The tram is not a problem (in fact really easy to navigate, unless you have a large bag of luggage - transport tickets were easy to buy at the hotel reception), but as a solo female traveler I didn't always feel quite safe walking in the neighbourhood at night (also there were always people yelling on the street I faced - west). Clearly this is not the hotel's fault, so not much can be done about that.
If I came back to Prague, I would likely try and find a hostel in the central city area (as I was hoping to find, alas they were all booked out)More