Good but....
As other reviewers have stated this is not a 4 star hotel. The reason why is the details. 
Location:
The location is in the heart of The Magnificent Mile, perfect location and easy access to the "L", shopping, food, cabs, Navy Pier, and a variety of tours.
First impression:
The front of the hotel is actually on the side, not Michigan Ave due to shops below. The bell boy station is on the ground floor while the lounge and check in are on the second flood. The hotel lobby is nice but again is just lacking some details to make it a 4 star. 
Rooms:
We were able to check in early and they bumped us up from a petite to a queen. The queen room #923 was still small but nice. The bathroom is what you would expect from a 2-3 star hotel. No counter space at all. Lacks towels (only 2) we had to call daily for more. The fridge has smart tech so if you even move it they will bill you! I was just looking at what they had and they billed me $26! They were nice enough to take it off, so that was nice. The bed was fine and overall the room was nice but again it is the details that kill the hotel. Scratches, paint chips, wallpaper that is peeling, paint touch ups that were a little different then the original paint (lazy), and what I was shocked to see was the cheapest of light fixtures in the bathroom. Something you might see in your garage! 
Staff:
We had a nice experience with the staff. As I said very nice, let us check in early, gave us a free upgrade, fixed my bill, held our luggage when we checked out. The staff was great. I did witness a bellboy that was a little rude to a teenage kid who pushed a button in the elevator after it had already been pressed and the bell boy said "it was already pushed why would you push it man!?"...I thought that was a little rude. 
The Tip, Top, Tap is now just a ballroom and they must make good money renting it out because it would make a cool restaurant with the views....however, I'm not sure they would have the attention to detail to pull it off.
I would stay here again, but they need to pay attention to the little things to get it right. For me the price and location were right, we were out and about most of the time so we didn't have a lot of time to see everything with the hotel. 
Good hotel that could be better....