Faded grandeur in a boring location
I imagine that generations ago, this hotel was a five star joint, with it's large lobby and state rooms to cater for grand affairs, weddings and the like. Now, it's as if they've dropped the prices dramatically to get as many people in there as possible. 
Somehow we ended up in the smoking wing (think called Buckingham wing), which was six floors tacked on to the end of the main building and serviced by one small elevator. The first thing that hit us as we exited the elevator was a combination of air freshner attempting to disguise the smell of cigarette smoke.
Our room was dated and again stank of cigarettes. Our room had a connecting door, so not only could we hear a lot from our neighbours, but we also got to share their cigarette smoke.
The hotel is on the park and 10 minute walk to the lake; however, the area is awful for bars, restaurants, etc.
If you're on a budget (we paid $100 a night) then try hard to find somewhere else. If you're going to be sighseeing, then try and get over towards the river. If you're in Chicago to party, then this again is not the area to be in. Incidentally, the bar in the hotel is small and not particularly friendly.