Don't be scared off by outdated reputation.
The Hollywood Roosevelt Hotel is right amongst the action. As older people, we noticed that the hotel seems to cater for the younger brigade. Regardless, we had a quiet and enjoyable time and were not bothered by anyone. 
Room looked over the pool which is a great spot to relax on a sunny day. Whilst at the pool, it is hard to imaging the mayhem that lies outside. Hollywood Blvd is no longer a place to fear but a place anyone can enjoy. The only problem we encountered were the "Premier" nights at the Chinese Theatre, which made it difficult to get back to the hotel if we had been out and about. No fault of the hotel though. Hundreds lined the Blvd to get a glimpse of whoever it might be going to the particular premier. Fun for them but a pain for us.
Summing up, the hotel is in a perfect location for anyone interested in the history of making movies or being right amongst the most famous places in Hollywood. It is also in a great spot for getting "Downtown" via rail $1.50 or Santa Monica / Beverly Hills by bus. Don't bother asking the hotel for a map of the area as they only have a tear off map of LA which requires a microscope to view. I also detected a reluctance to give out any helpful imformation unless there was payment involved. Only sour point.
As far as we were concerned, the Hollywood Roosevelt Hotel ticks the three boxes. Location, Location & Location.