"Great location, however..."
The hotel supposedly underwent renovations in the past 5 years however I'm not sure besides the lobby where the renovations were done in the rooms. I initially got the "Janice Joplin" room and decided to turn it down, not because of anything related to her but because I was told it was the only room that didn't undergo a renovation. I guess if you're into the experience be my guest. I got an 'executive suite' which had no air conditioning and the day I stayed there it was about 100 degrees. The next room they gave me had no hot water and finally the 4th room I ended up with looked like an apartment right out of the 70's. I read some of the reviews and saw mentions of bed bugs so I spent the night sleeping on top of the covers fully dressed. 
I'll say that if you're going to stay near here spent the extra money and book at the Roosevelt. It's only a block away and it looked to be better taken care of. Now I've not stayed there so I'd suggest looking at reviews for that property but I can't imagine they're any worse.