I stayed at the hotel about two years ago, I think it was just a few months after they officially became part of Marriott.
I spent two weeks on vacation across Spain and Portugal and stayed at a number of AC Hotels, so unfortunately a lot of my memories of the hotels are sort of blended together, but i'll try to recall what I can.....
The service was fine, the room was clean and overall I really had no major complaints. The bed was typical for AC Hotels, meaning the mattress was not as thick as I am used to in the US, but it was still okay and the sheets and pillows were high quality. (After my 5th or 6th AC Hotel in Spain, I ended at the full service Marriott in Lisbon and having a traditional Marriott mattress was like jumping into heaven).
The hotel is located on a corner of a busy boulevard and street noise can be an issue. You definitely wont be able to sleep with the window open if you're a light sleeper, but should be ok with the window closed.
I'm not a Plat, so I cant comment about upgrades, but the room I had was sort of on a diagonal, it was bigger than my friend's room down the hall. I'm not sure if that was considered an upgrade but you might want to ask for one of those rooms at a minimum, if there arent upgrades available.
The location was great, just a few minutes walk to the Ciudad De Las Arts y Sciencias (not sure about spelling) but as a photographer, it was one of the most visually stunning places i've been to in Europe.
I'm not sure if they do it anymore, but at the time, you could have anything you wanted from the minibar at no charge - I thought that was a nice touch. Also I found the breakfast at all of the AC's to be quite good.
I hope that helps!