Location is far from the Iguazu Falls, but very close to the city.
Most people who come to Iguazu are going to see the falls. If you are just staying for one night, then I would have to suggest staying at the Sheraton because you will want to maximize your time at the falls.
Now if you are staying for 2 nights or more, then this hotel is THE hotel to stay at. It is the most modern hotel in Iguazu on the Argentina side. I have been to Iguazu once before, and stayed at the Sheraton the last time, but I can say that the Panoramic is 100X better than the Sheraton. They have a great restaurant on site. The staff make you feel right at home when you arrive. They also give out fruit punch in champaine glasses when you arrive. The AC works great. Lots of hot water ( yes some of the hotels in town run out of hot water... this is what we heard from many people staying at other hotels in town ). The pictures on their web side do NOT do the hotel justice. Just 3 short blocks away is the center of Puerto Iguazu and there are plenty of nice restaurants and coffee shops around. It has a great view of the river and you can see Brazil and Paragay from the front door. Great infinity pool. The Sheraton, might have the best location, but its food is just OK and it cost a LOT. The city has much more options, and this hotel is right in the middle of it.
The downside is that the hotel is the farthest away. If you are using a travel company to take you to the falls, note you are usually the first to get on the bus and the last to get off. Also you see the most wild life at the falls during the first hour in the morning and the last hour in the day. So if you want to see the most wild life, you will need to schedule a cab ride very early to get to the park by 8am, but dont worry if dont, there is still a bunch of wild life to see during the day. Over all the location is only an issue if you are staying one night. The hotel is about 10 miles from the falls. If you come into Iguazu by plane about 11am, it will be 1pm at a minimum before you make it to the falls if you stay at this hotel. The next day depending on when your flight leaves, you will have to rush to get to the falls, see the falls, return to the hotel.. then back to the airport.
This is the best hotel in town. Pay the little extra to stay here. It is well worth it. ( or save some money and stay here if you are planning on the Sheraton )
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC.