I got to this hostel easily on the trams from the main train station. It is in an apartment in an office building that looks a bit old-fashioned and non-descript on the outside, but the inside of the hostel is so unexpectedly pleasant. Two-levels, open loft for the second level, huge windows and glass patio doors in the main area and skylights in all the rooms fill the place with light. Really a great place to enter after a long day of travel/touristing in a foreign place. The building does have an elevator, but you have to go up a flight of stairs to get to it and to get from it to the hostel door.
The main proprietor is an incredibly sweet middle-aged woman who was quite helpful in orientation to the city and advice on where to go. She fixed up a light breakfast of toast and a cake, and I know tea and coffee were also available. It does have free wi-fi, even though the site I booked through said it didn't. I had a single room (adequate size, skylight, big, firm bed) and used the shared bathroom, which was perfectly functional, if not exceptional.
The hostel is located about a 30-40-minute walk from the main attractions (like Old Town square). Honestly, I didn't mind this; I appreciated not being too close to lively nightlife as I was going to bed early and getting up early to see the city, and the thing about exploring Prague is that it's best done on foot, with a lot of quality meandering around and just seeing what is around the next street corner. Walking up the river is fantastic. You can always take the tram, too, which drops off on the same block.
It was perfect for what I was looking for as a solo traveler just wanting to enjoy my first trip to Europe by concluding it with a weekend exploring the city of Prague. If you're looking to meet people, be near the nightlife action, etc., you may want to stay closer to the city center. The hostel was small enough that people weren't really interacting -- it seemed to be just me and two different groups of girls.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC.