Nice but not living up to its potential
As others have stated, this hotel looks beautiful when you walk in. It is close to the River Walk and the Alamo, and across the street from a small park. So despite some shady-looking spots immediately near the hotel, overall it's a great location. Lots of wonderful restaurants within walking distance. 
 I love the fact that it''s an old building, and would overlook imperfections for that reason. However, that's no excuse for poor cleaning. All of the rugs in the hallways and in our room needed a thorough cleaning; there were stains all over them. We had a broken towel bar and a broken toilet paper holder in our room, and the sink backed up. I reported all 3 items but by the time we left on day 4 only the TP holder had been fixed. There were also blood stains (or something brownish red anyway) on the wall that never got cleaned although we reported that too. I'll say that the bed was wonderful - a big cushy 4-poster with nice linens. But then the bath towels were thin and worn. 
Some of the service was very good, and there were some bad experiences. I ordered a salad in Pete's Pub (the hotel's tavern) and it took 65 minutes to arrive. I was told that they were busy with a banquet upstairs, but shouldn't they staff accordingly? However the next morning breakfast was served very quickly and was delicious. My breakfast waiter was attentive and courteous. There are 3 places to eat: the lobby bar, Pete's Pub, and The Madrid. Yet all 3 had the same menu for the most part, with just a few selections (burger, salads, soup and sandwiches). So there is no fine dining in the hotel which i thought was strange. 
During our stay the hotel was swamped with two big conferences, so there was always a crowd at the front desk, yet I never saw more than two people working the desk. The desk clerks were frazzled and sometimes a little cranky. 
This could easily be a 5 star hotel. The history and architecture are wonderful. But it is under staffed, the restaurants need to overhaul their menus and the housekeeping is lacking. With some proper management this could be the premier hotel in San Antonio, but it's lacking some key elements.