This establishment has the makings of a good four star hotel (and may have been so once before) with a nice lobby, generally sizable and comfortable rooms, friendly and efficient staff, and a truly outstanding location if you want to be near the Bund, the East Nanjing pedestrian mall (with subway access), and the Yu Gardens.
But the hotel is in real need of a thorough make over. The carpets, particularly, were badly stained (although the cleaning staff did vacuum daily, so there was not really a problem with surface dust or dirt). Bed linens were clean, although you had to request them to be changed during the stay. The mattress was comfortable. I had no major issues as a non-smoker with the room, lobby, or hallways.
Reception staff had good English skills and tried to be helpful, although the one time I asked for directions to the Peace Hotel, they tracked down a wrong location in the French Concession and offered to write the address in Chinese characters for me and call a cab (I wanted to attend the evening jazz concert). Fortunately, I walked by the hotel on the way from the Bund to East Nanjing Street mall that afternoon.
Check in and check-out went smoothly, and there was no problem with my booking (I used Booking.com), or the credit card charges (pre-authorized at check in for the full amount with an additional security deposit; this was cancelled at check out and then the room charges only were put through).
The hotel no longer has a lounge/bar, restaurant or café, so you will have to go elsewhere for all your meals or a drink. There are plenty of locations nearby, and I went for my morning coffee each day to a nearby Starbucks just south of East Nanjing Street. Still, I think the atmosphere of the hotel suffers from this lack of amenities.
One final warning: the shower did have a good deal of black mould along some of the edges.
Overall, if I return to Shanghai, I think I would rather spend a little more and get a little more, unless there has been a thorough overhaul for this hotel. In this regard, I think the hotel I stayed at in Beijing, which cost a little more, was "better value."
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC.