I just stayed here during a first visit to Santiago and overall, was very pleased. I spent the latter part of my stay at a different hotel in Las Condes, and though the hotels there are generally newer and nicer from a physical plant standpoint, the shuttling back and forth got a little tiresome.
The CP's location really can't be beat for tourists, and as another poster wrote, is but five minutes’ walk from Lasterria with its many restaurants and bars. It's also a pleasant 10-15 minute from all the action at night in Bella Vista.
As a Spire I was upgraded to the executive floor, and club access benefits were mentioned at check-in. The breakfast buffet was fairly simple, but as craigthemif mentioned, the lounge had a very friendly attendant who made omelettes to order. The evening service included a self serve bar, including wines, beers and spirits, and small food selections that changed from night to night-- one night it was only chips and dips and chocolates, but on other nights included small sandwiches or a cheese and cured meat tray, both times with a small selection of desserts.
The rooms really do need a renovation, but given the location and the price, I was extremely happy.