I stayed at the Carlton Crest for a business conference. The hotel is large & airy, the rooms are clean, comfortable and sizeable. Staff are professional and helpful and always willing to help. The food is good, and the range and quality of breakfast items is above average. It's not the cheapest hotel but not expensive either. For the overall quality, it's fairly-priced.
In terms of location, you're *not* in the heart of the city of Melbourne, so bear this in mind if that's important to you. However, it's located between the city and St.Kilda and the various parks in between. This means you are better located if you want see things beyond Melbourne city centre - especially the Albert Park if the Grand Prix interests you, or St.Kilda just down the road. I enjoyed my stay here and if I came back to Melbourne, I'd stay here again.