I think it's a very good and interesting hotel that was renovated quite well a few years ago. And the only "bad" thing about the location is that its near the tourist red light district. But in Amsterdam, everything is a short walk away. Even the Pulitzer that people say has a great location is a short walk to one of the other red light streets.

I also think the Amstel does qualify as a luxury hotel, but I've only stayed in Executive suites there. I think it has the best health club/steam/sauna/pool in Amsterdam.