All the wonderful reviews are true, this place has old world charm and is located right next to Piazza Grande. Why would you stay anywhere else?
My husband and I were on our honeymoon and made several stops throughout Italy. Montepulciano as a town, and il Riccio were our absolute favorites from the trip and we are already talking about when we can go back. We did not rent a car since we stayed 4 nights and found a driver for 2 days when we wanted to travel out of the town to wineries in Montepulcian and Florence. The only con is the expensive taxi ride from the Chiusi train station (40-50 euros), it is cheaper from Montepulciano train station if you're going in that direction (~25 euros).
Gio and Ivanna greeted us and even gave us some leftovers of breakfast (she makes all the tarts herself and they are DELICIOUS) and coffee since we had been traveling since early in the morning and hadn't eaten. They are so helpful and made us dinner reservations everynight and directions (make reservations to all the restaurants early, they fill up fast!!)
We stayed in the Superior Room on the 1st floor with GORGEOUS views over the valley. It is definitely worth it to get a room with a view here, it is absolutely breathtaking. I read that rooms on the 1st floor are renovated, I can't speak for the upstairs rooms but ours was definitely updated very recently. It was spacious and clean, with a fairly large sized bathroom for European standards. There is also wifi in every room. We had originally wanted a balcony, but they weren't available (and we booked months in advance), but lucikly the hotel has a rooftop with tables that were lovely to sit at and drink wine and eat cheese, while getting to meet some of the other hotel guests. While we loved walking around the town and visiting wineries, we really enjoyed just sitting in our room overlooking the views or drinking wine on the roof. It was such a peaceful and beautiful place to stay.
Definitely recommend staying here, its a relaxing and charming place that's worth all of the good reviews it's gotten.