Great Location, Value
I've stayed here a number of times, and there's no better value for a downtown Chicago hotel. I don't think this is your spot for a romantic getaway, but if you're traveling on business or on a budget, this puts you in the middle of the loop for a reasonable rate. The location is tough to beat, as you're right on the river and within walking distance of both Millennium Park/Grant Park and the Mag Mile. This would be a perfect spot for Lollapalooza attendees.
The staff is absolutely over the top in their efforts to be accommodating and welcoming. Other than the location it's the hotel's greatest asset. 
The rooms have a full kitchen, which again for a budget traveler is a huge benefit. (But less of a value if you're vacationing and plan to eat out a lot) The room layouts are unusual in some cases, but roomy and comfortable. The hotel is probably at the point where it needs a facelift, and in some areas the "wrinkles" are starting to show. Always clean, just well used. The furniture is clean and in good condition. 
They have a standard free breakfast every morning, which (again) for a dollar-conscious traveler is a huge plus. They have a small business area, though it's best for simply printing off boarding passes. There's free wi-fi that's acceptably fast. 
So, clean, comfortable, and convenient, just not sexy in any way. HOWEVER, if you're willing to pay for the upgrade, the top-level suites have open air balconies that are awesome.