We stayed here 29/08/05 for 4 days. We booked after reading the reviews
here on tripadvisor. I have to say we were not dissapointed. This is an absolute gem of a hotel for the price. We arrived at 1:00am but were met by a charming gentleman on reception, smartly dressed and courteous and efficient.
Some reviews mentioned that it was a long walk to the bus stop but it is about 200/300 yards at most and buses run every few minutes.
The area is especially nice, with a beautiful park just opposite and the wonderful Catacombs of St. Pricilla just up the road ( about 5 mins steady walk).
All in all this is an excellent base for a holiday in this remarkable city.

Firstly, to accentuate the positive...

The hotel is in an upper middle class neighborhood of Rome. The lobby has a cool Italian 60's chic about it; you half expect to catch a glimpse of Anita Ekberg strolling by (in fact, as the photo informed us, Brigitte Bardot stayed there in 1960). The breakfast was the very best of four hotels I'd experienced, served on a charming plant-lined patio. Room and bath were very clean; bathroom newly updated. The staff was reasonably helpful.
The hotel is not centrally located, despite what the website claims. In fact, it's in one of Rome's more remote sections. Five minutes to the busstop, and a lengthy ride to the historic center (seemingly longer to St. Peter's). The hotel is undergoing refurbishing, and the workers were in the hallways, plaster all about them, dropcloths spread everywhere. I understand the need for updates, but where the guests walk, during peak tourist season?
The room was small; the bed was too soft. Above the door, the wallpaper was clearly stained in many spots. The bathroom door locked automatically from the inside, and could then only be opened from the bedroom. The room's lights flickered dramatically whenever the main door was opened or closed. No curtains in the bathroom; blinds impossible to move.
A mixed bag.

Booked it based on reviews here. Staff good, quiet location as mentioned by others but it is a good 10min walk to the bus stop and then 10-15mins trip to central terminal. Walking into to the central area would be a challenge from here. Despite this I believe the location gives much better value for money quality-wise. I would recommend it if you don't mind relying on the bus or taxis. P.S do not miss a tour of the Domus Aurea (Neros palace).

My wife and I just got back from spending three nights at the Hotel Panama.

The staff was very responsive to our email questions before we arrived, and arranged for a car to pick us up at the airport (€52, paid in cash to the hotel on arrival). We arrived at about 10am, and were allowed to check in and even have breakfast. I think we had a "superior" room; for us, there was ample space in the room and the bathroom. It had a balcony, but we didn't use it. My wife and I are not fussy people, so perhaps there are things that would upset others; those "issues" might have been the mattress that was not perfectly flat, and a small leak coming from under the sink (onto the marble floor) - neither of which we complained (or cared) about. Noise was minimal, and certainly didn't bother us. View from the room was just of the building opposite - nothing to write home about, but nothing less than what I expected.

The staff was also very responsive during our stay: they showed us which buses and trams to catch to various destinations, and made calls for us to restaurants and shops to make sure they were open. When I called to ask if the water in the bathroom was drinkable, someone arrived five minutes later with glasses for us. We like to jog in the morning, so the staff pointed us to the park opposite the hotel, which has a pond and forest, and was more than adequate for a nice, early morning run.

Breakfast in the morning was very pleasant and served from 7:30 to 10:30 - so you don't need to drag yourself out of bed too early just to grab a bite to eat. Internet access is available on their public computer.

With regards to the location, count on having to walk about 10-15 minutes to the bus line to catch a 15-30 minute bus ride to places like the Vatican or Colliseum. Or, you can take a taxi (which the hotel will call for you), but count on paying about €7-10 each way. We knew this when we booked the hotel, and decided it was a good trade off for a quite neighborhood opposite a nice park.

Our intention was to spend as little time in the hotel as possible, but be comfortable when we had to be in it - to that extent, we were very happy: the price/comfort ratio is correct. If you're looking for a calm and friendly environment from which to explore Rome (but don't mind being slightly off the beaten path), we have no problem in recommending this hotel.