I stayed here for 3 nights in a Lakeview Room. The view from our balcony of Lake Wakatipu was stunning. Especially during sunrise and sunset.
The hosts were really friendly and helpful. They organized tours for all the different types of things we wanted to do in Queenstown and suggested some others which were also great.
We never had any of our meals here so I cant comment about the food. It is located quite close to the city center which has a lot of fabulous restaurants.
The room however was not that great. It had a bit of a run-down feel. The bed wasn't very comfortable either.
If you would like a reasonably priced place close to the city center, then I guess the place is ok. But you could find a more comfortable place to stay in Queenstown for sure.