Yes, the location is within walking distance to most sights. (But, I love to just walk, so "walking distance" to me is anything under 5km. YMMV.)

If you get tired of walking, there's a 'loop" bus that departs from the same bus stop I mentioned in my post, right outside the hotel, that will get you close to most attractions, for less than a US quarter-dollar.

ETA: I'd like to add that the "loop bus" I mentioned should not be confused with those "hop-on, hop-off" sightseeing buses found in many tourist destinations. It is just a circular routing of the citywide bus system, used everyday by locals. It may be useful for getting from tourist site A to B, but it certainly shouldn't be considered as a "tourist bus".