The style is Art Deco and is quite stylish. I used to stay there fairly frequently but had noticed the standards were slipping.
That said it is still in better condition than most capital city North American Hyatts, eg Park Hyatt SF , New York, Los Angeles.
It is located within walking distance from the Art Gallery, High Court and other attractions.
The Aussie dollar being what it is, you will get 5 star accomodation at 2 star prices.
The local restaurant scene is also very good, and it may be worthwhile hiring a car to check out the area.
Be warned it is also very hot , comapred to Europe especially (and even compared to Sydney sometimes.)
I am sure you will enjoy our capital city. The new Parliament house is also worth looking at, if only to see what the taxpayers money is spent on.!