Stayed there earlier this year (2012). Cool place, the oldest hotel in Ethiopia, the reception/restaurant is pretty cool, with original wooden floor and high ceilings. The rooms on the other hand are banged up and the building is literally falling apart, which is a shame since the building is a piece of history. Having said that, it's $10 and I liked it there. It feels like the nerve center for ex-pats and travelers and a popular spot for business and social gatherings. During the hottest parts of the day, the back garden is one of the best places in town to hide from the sun.
Compared to the rest of the country it's over priced, but Addis is more expensive for accommodation... it's still cheap and safe though.More