Excellent Value and Centrally Located
While this hotel might not have the best reputation based on it's name itself, our room was extremely clean and a very decent size for four people. Our room had been renovated with updated furnishings, mini fridge and a flat screen TV. I had read several reviews from other sites that were negative, but for the value and location we decided to give it a chance anyways and we actually received a very positive experience overall.
I was disappointed that there was no parking available in their structure so we had to park and haul our luggage from another block. If they advertise having parking, they should ensure that their guests have it within their establishment. The beds were not the most comfy with only two very small pillows so bring your own. The linens included a sheet and a very thin cover which was not adequate. There was also no complimentary shampoo/conditioner/lotion which we had not packed assuming it would be available. Have a cell phone handy so you can set an alarm since those aren't included either.
Even with these minor issues, I would definitely stay there again for the excellent cost and to be centrally located to Hollywood Blvd and our friends. It served it's purpose without breaking the bank while still remaining clean and effective since we were simply looking for a place to sleep and clean up. The outside walk up was usually cluttered with lots of young smokers....but it seems as if a good majority of people in Hollywood itself are always smoking so as you walk the Boulevard you are going to encounter that anyways. 
Side notes: Plan to park your car in a garage (there is one nearby on North Cherokee) and walk. Parking is hard to find and it's much easier to walk everywhere. Food joints are everywhere, and lots of them will deliver but check out Umami Burger or Stout if you want a really great hamburger.