Location is great: close to restaurants, attractions, public transportation system. Walking distance from practically everything for an excellent price.
At first, we picked another hotel that had good reviews too, but it was reeeeally far from Granada's downtown. Then we were referred to this one by a cousin who lives there and changed our reservation to Pension Nevada, and it wasn't till we got to walk the city entirely that we realized how big of a mistake would have been to stay at the first place. For anyone who's planning to go to Granada, location is very important!!!
Room is not very big (as a mater of fact, bathroom door will block your side of the bed when open, lol) but was always clean, bed was good and comfortable, closet had a lot of space, elevator worked fine and most important to me, we had free wi-fi access!! We'd most definitely recommend this place to fellow travelers.
I read a few reviews mentioning that it was noisy on the outside. Well... it probably is during the weekend, but nothing that would make me not pick this place again. Besides, if you really invest yourself in enjoying the city during the day, you'll be so tired when you get to the hotel at night that nothing will be able to keep you from sleeping :).
Room price was very affordable, staff was great with us and I think we got a great value for our money.