I stayed at the central back in Feb. Hotel was very nice. The lounge was great, rooms were pretty standard, service was slightly less than other JWs in Asia. But I would recommend it if I was ever back in Beijing.
The location is good but not great, about 1.5 miles to Tiananmen square but only a block from the Hepingmen station. There's also a Starbucks right around the corner (actually in both directions) if you need a western fix. Definitely out of the main tourist area but close enough you can get there quickly if need be.
The hotel is very new so make sure you have a the name and directions written down as many cabs don't know where it is.