Stayed during a busy weekend. I liked the location and it's restaurant — it's away from the craziness that is the CBD but still very close and very walkable.
The hotel itself is also pleasant, but for me its peers is going to be Moxy and Aloft. It's a bit nicer but not by much, at least in the base category rooms.
I don't stay in Melbourne often enough to know, but seeing it sometimes command comparable prices to the GH, I'm not sure this is a good bang for the money.