We booked the 2 stars room which priced reasonably as the hotel located strategically in town, all the places are just minutes of walking distances. Shopping streets are just behind the hotel and District 5 is just minutes away. There is no aircond in the hotel but Amsterdam weather is cooling at night with window open the rooms get cold too.
Amsterdam is a very small city where everywhere is within walking distance, if you are too tired you may hop on those trams.
Very comfortable beds and pillows and love our stays in Hotel the Exchange. The cafe in the hotel has the best coffee in town.