I've stayed there twice in the past two years and was relatively happy with the price and the room (they run a "Snowflake Stay" promotion during the Winter season... their deals may be found somewhere by digging around the Raphael website). The location (a block off Michigan Avenue) was great and the price was right.
My only real complaint with the place was their "breakfast" was as bad as anything one would get at a Motel 6... doughnuts & coffee. They gave us paper slips so we didn't have to pay the $6 to get into the room to get the pastries. eek.