Update
Just returned from CPH and stayed at this hotel. Check-in was pretty easy but I had to push for an upgrade as a Plat. They claimed that my original room was an upgrade but I wouldn't want to see the standard room if that's the case. My ambassador level room was large, but the furnishings were really showing their age. I had asked about the renovated rooms and was told that a pipe had burst flooding all of the renovated rooms and a near by theater.
This hotel was beautiful and certainly could be again, but it is badly in need of investment after so many sad years of neglect. Despite the good location, I would not recommend staying here until they finish the renovations. BTW- I was told that the renovations would not be complete for another year and a half... Spring 2008?!