I stayed here for three nights in July, 2014, and it was a perfect location for me. It is within walking distance of most of the major historical/cultural sites and the Grand Bazaar, and close enough to the subway station to get anywhere else. The room was small, but clean and well-maintained. The view out of the window was terrible, but that wasn't why i was there. the street on which the hotel is located is a busy tourist/restaurant zone, so very busy at night, and plenty of places to eat.
The staff were very friendly, and very helpful. The breakfast provided was very limited, so i ended up not eating there. The transfer charge to the airport (leaving in the middle of the night) was probably too high, but the service was fine.
If i was travelling with family, the room would have been too small, but with just one person, it was fine. Any drawbacks with the room size were more than compensated by the reasonable cost and the tremendous location.
One bit of advice: have the address and a good resolution map with you when you arrive in Istanbul, as the taxi driver i got had no idea how to get there, even though it is in the heart of the old city, and even after talking to the hotel staff, still got lost.More