Yes, that is a good rate for Baileys, which is an OK hotel I have frequently stayed at(don't expect the Stafford or Park Lane for 1/5th of their price!).
It is extremely well located - just across the street from the Glouchester Road Tube stop (Circle, District and Picadilly Lines)-guide right when you exit the station.
There is an Indian restaurant next to the hotel, the Bombay Brasserie, which is one of my favorites. Try their sev battata purie appetizer - it is to die for!!!
Hopefully, Hyatt will get some London properties again. I really liked the Lowndes when I could get it using United certs (or on a different special) at about 115 Pounds Sterling per night.
Enjoy!!!!