Just finished a 7-night stay there, on an old cat 1-5 travel package. The staff were lovely but the stay had a lot of issues, probably pains from being a new hotel but very annoying nonetheless. I had issues almost every night of the stay, from toilet bowl leaking, power shut off, wifi down, curtain can't be closed, broken phone, TV showing static, housekeeping putting my personal pillow on top of a pile of dirty socks. They also did not want to give late checkout to this lowly Gold member on account of the hotel being full but I got them to agree to 1 hour late due to all the issues I had during the stay. Also, they resisted when I asked them to keep a small bag (the size of a reusable bag from the grocery store) for me for a few days while I took a side trip to Morocco (just some small stuff I didn't need and didn't want to trip up a Ryanair GA with too much luggage), saying that they normally only keep luggage for the day of departure but they'd make an exception because the bag was so small. I typically assume that hotels will store luggage for me; in fact I left 3 large bags at the PH Hamburg for 2 weeks and did not receive any complaints, so I was quite surprised that this might have been an issue. As I departed the hotel, I observed a couple who was Ambassador Elite expressing discontent on having not received an upgrade.
Great location, walking distance from several metro stations, very close to but not right on the Gran Via so noise wasn't an issue. Also, great view from the rooftop pool and bar.
So, in conclusion, some growing pains, don't expect too much in terms of luxury or elite treatment, but for the location and price, hard to beat.
I posted all my photos of this property that I took to Google Maps.