And did I read it correctly that they went from having a lounge to not having a lounge now?
Yes, they turned the space that was the lounge into a rooftop bar.
I live down the street from the property so haven't stayed there. But I will note that there is quite a bit of F&B that has opened in first three floors of the building. There is a bagel place, two Thai restaurants and a number of other businesses.
We have eaten at Two Man Bagel and Baan Ying and will return to both.
This blog lists a number of the F&B outlets.
http://danielfooddiary.com/tag/royal-square/