We stayed at the Hilton Old Town during our visit to Prague. Overall it is a good hotel with clean large rooms, comfortable beds and pillows and good service. All the attractions are within a close walk from the Hotel - Municipal House, Old town square, Astronomical Clock, Tyn Church, Jewish Qtr, Charles Bridge... the list goes on. Its very easy to get here from the airport as well. The Cedaz shuttle drops you right in front of the hotel (120 Kc per person). The lounge is small but service is good. The front desk is helpful, although I did have to remind them about the cab service that we had booked to the airport (our flight was early in the morning and the cedaz service does not start till 7:30am). They did not add our request to the system the first time we made our reservation. Later when went to the desk to confirm the cab service we realized that they had not booked it. The hotel cab service to the airport was 890 Kc. Overall it is a good hotel and I would stay there again.
During our trip we went to 2 concerts at the Municipal Hall - both were very good. We also made a trip to Terezin. The Concierge recommended Premiant Tours which was really good.
A word of caution - restaurants (not in the Hilton) tend to pad their bills - this happened to us on 2 occasions. The first experience was at a Thai restaurant called Orange Moon. We dined there twice. The first time there was no problem with the bill. The second time they added 20 KC to the bill for the paper napkins they provide at the table!! On another occasion we went to a restaurant called Mystic Cafe in the Little Quarter - they padded the bill with charges for a "small bowl of chips" which "arrives" at the table as soon as they seat you. Also, the menu has no prices - we ordered one pizza and three sodas and paid close to $40 for the meal!!