It's a nice enough hotel; like the other poster said, it's over a railway station. To directly answer your question: yes, it is terribly far from night/day life.

Several of the travel guides have raved about this hotel because it's cheap and close to the station. If you're planning on spending any actual time in the city, you're better off staying closer to the center - Gran Via/Passeig de Gracia area has some nice hotels at decent prices. Look for the Alexandra and the Silken Gran Havana. Also the Fira Cristal Palace, which isn't as nice but tends to have better specials.

If you're coming in the summer be prepared - hotels are very expensive here between May and September.