$62 Parking!
I really enjoyed the location. It is four blocks from the Chicago Theatre so my wife and I walked to a concert. The red line el train is on State Street which is literally out the side door so my wife and I walked right out the door and caught the train to a Cubs game. Millennium Park is two blocks away so we walked over to hear a free concert of the Chicago Symphony. Michigan Avenue is two blocks away. I could go on and on about how great the location is.
I cannot complain about my room because I spent very little time in it and I had read the reviews on Tripadvisor and knew what to expect. My room was just as the other reviewers have stated: small (think Manhattan budget hotel room) and dated. The lobby is beautiful. I was told that there is a restaurant on the 23rd floor that serves breakfast but I never made it. I had oatmeal instead from the Starbucks on the ground floor.
I was happy with my stay but was shocked when I got my bill for parking. It was $62 per night! I guess I expected a charge equivalent to that of the hotels in Atlanta, Los Angeles, and Miami. I have never parked a car at a hotel in Boston or New York so I have never seen a charge even approaching this. So, I recommend the Palmer House if you are flying to Chicago. I am not sure I can recommend it if you are driving; in which case you will probably do better to stay further out and drive to your destinations.