In Marrakech it makes more difference where you stay than it does in most cities, because as a visitor here you are - and want to be - more reliant on your hotel and its staff than in simpler places. Marrakech is complex! Other reviewers refer with fondness to Antoine for a reason: he is a true host and his knowledge of Marrakech is superb.
This 5-bedroom riad is a perfect place from which to base your adventures; it is well situated inside the walls of the Medina and a brief walk away from the crazy central square. We stayed here Feb. 10 - 17, 2013 which is a slower season because it is "winter" with temps from 45F at night to 70F in midday.
We were the only North Americans here; other guests included a German couple; an English couple; and three women from Japan. It would be totally cool to rent the whole place for an extended family vacation, but you would have to reserve that well in advance. This is not a bus-load type of place; leave that to the large impersonal hotels in the new town outside the Medina.
Riad Limouna is immaculately clean, very pretty, and an exceptionally good value. The photos on its website are a good representation of what you will find here; yes, it is a beautiful place to stay. It will make you happy.