I've never stayed at this hotel but most mid-priced hotels in London have rather small rooms so I wouldn't expect much more than basic accomodations.

However, the location is terrific. As you said, its basically next to a major Tube station and about 2 blocks from Trafalgar Square. The center of the gay scene is in Soho around Compton St which is about a 10 min walk from your hotel. There are a few gay bars/clubs very near to the hotel (within 2 blocks or so) including Heaven.