We stayed for 4 nights with 2 rooms - a 2 room 'suite' with kitchenette and a room with 2 beds for our kids. The hotel is new and all rooms had new furnishings, linens, etc and had a fairly modern look to them. For the price, we found this to be a good buy and didn't mind the 10 minute walk to the centre. Note that none of the rooms have a view - our windows either looked into the interior (ie. stairwell) or a courtyard of sorts (with construction going on in the neighbouring building), so we kept our curtains closed most of the time. The staff are very helpful and friendly.
As others have commented, the area surrounding the hotel is not in the tourist zone, but you will find a few local corner stores for water, soft drinks, snacks, etc. It appears they are adding another floor onto the hotel as well.
To get to the centre, you have to walk down a fairly long stretch of Recoleta which is sometimes busy with traffic, single lane with a sidewalk that is less than 12 inches wide. With pedestrians walking in both directions, you will often have to wait for traffic to pass so you step onto the road to get past other pedestrians. This part wasn't great, especially if you made the walk 2-3 times a day.More