The rooms can be wonderful or horrible...some are really tiny...and others rather grand but in the same catagory. Friends from SF stayed there last year on points and the first room they were shown to was a closet

and they refused. After a discussion with the front desk they were finally put in a rather nice room. So just be aware.
Personally I do not like the location...just around the corner from the rather overly touristy Calle Florida and overlooking the Plaza San Martin which as of late experienced some problems with crime directed towards tourists. Nothing violent, an old trick where one will spray some nasty stuff on the back of your jacket and a couple of others will run to "assist you" in cleaning it off...while they steal your camera or whatever they can grab while you are distracted.
That being said, it is a grand old hotel with very good service.
Sam