I'm currently staying at this hotel using points. I'm haven't been SPG Plat for 2 years now, so I can't comment on Plat recoginition.
This is a good hotel that can be a great one. The location is absolutely unbeatable. As previous posts have stated, you can walk to Vendome, Madeleine, Louvre, Tuilieres, and even Orsay, if you like to walk.
The bad part is that the hotel needs to be heavily renovated. The lobby seems to have started undergoing such a renovation, but the rooms would need it more. First, the hotel staff should oil all of the door hinges, as they're all creaky. In our room, we know when anyone next to us, across from us, up or down from us, enters their room because of the characteristic creak of the door as it shuts and the loud slam.
The rooms should insulated as it's very easy to hear guests in adjacent rooms and in the hallways. Also, the windows and balcony doors should be updated. Ours doesn't even lock properly.
I suspect other hotels in the vicinity are alike, so I can't complain, but again, this is a good hotel that could become the envy of Paris with some updates.