This is a great place to stay in Bermuda. It's very easy to get around since the hotel has a water shuttle to take you into Hamilton. It only takes 5 minutes. From there you can easily get a bus or a ferry to other parts of the island (check the ferry schedules twice, tho', especially on weekends). Taxis are obviously a little more expensive but you will probably take one or two. It costs about $13 to get into Hamilton by cab. $40 to bring you back from the Dockyard area (if you get stuck there after the bus and ferries stop running, like we did).
The beautiful Elbow Beach is only a fifteen minute walk from Newstead, or you can take the free car service. But you should really walk since it's quite a pleasant route.
We were in a one bedroom suite which was enormous, modern and very comfortable. The balcony was huge with a great view of the harbor and infinity pool. It's also nice to have a full kitchen since dining out for all meals in Bermuda can get extremely pricey.