A great location for wandering downtown Austin
My friends and I stayed here for my birthday weekend. It is very close to all the bars, music and restaurants and you can walk to everything. The hotel is also right next to a rail station if you need to go further or don't want to walk.
If you have a car, parking is a little annoying. The spots are small and tight and it was difficult to find a spot when we did have to use the car. 
The hotel staff was great and very helpful. We all had adjoining rooms and all of our rooms were updated and clean. Room service and housekeeping were fast and the rooms were always clean and restocked when we came back. The showers were hot with great water pressure (really important for me) and all the bathrooms were very clean.
I've stayed at quite a few Austin hotels over the years that are also close to the downtown action but this is the first hotel that I've been completely satisfied with (I can deal with parking in comparison to the issues I've had at the other hotels in the area). One tip for smokers - there is a cool large corner balcony on I think the 4th floor that my smoker friends found. It holds a lot of people and you can watch all of the evening action below from there too.