Great location but expensive to stay at
Just returned from a three-night stay and while I think the rooms are overpriced they probably aren't for such a prime location. We were in walking distance of Fells Point, the Inner Harbor, and Little Italy plus the water taxi stops right outside the door. The rooms are clean, comfortable and spacious. There were 3 of us in our room with a roll-away bed and we still had plenty of space to move around in. But none of our meals at this hotel were any good and the restaurant prices are certainly not cheap (average breakfast costs around $15 for one). We found the service completely lacking; for example, at breakfast our waitress practically threw the coffee on the table, spilling it, spilled the cream, dropped the eating utinsels on the floor, and when we went to have our omelets made the chef totally ignored us (even though there were no other patrons standing there) for about 5 minutes before deciding to acknowledge our presence. On another occasion our dishes were dirty and the waitress never returned to see if we needed a coffee refill or anything else. We were there for a convention and so one night we were served a banquet meal. It was the worst meal I've ever had at a hotel of that caliber (and everyone else in my group thought so as well). The meat was tough and tasteless, the soup over-thick and lukewarm, and there were no vegetables served (unless you call chopped green peppers a vegetable). 
So I would say if you're going to stay there for the location, make sure you check out some of the other eating establishments around the area and stay away from the hotel's restaurants. 
Another thing I find over-priced is the cost of parking your car. We had to pay $26 a day so our total came to $78 to park our car for three days. I think if you're staying at the hotel and paying the kind of rates that they charge your parking should be free or at least a minimal charge.