After reading a few of the other reviews, I feel as though the first thing to address is the noise. I stayed in a room on the 6th floor, and yes, I could hear music from the street below, and from the gay club next door at night. However, it wasn't (in my opinion) an unreasonable level of sound. My bed wasn't moving around, and I was able to sleep without trouble. The bed is set quite far back from the window, and I went into the experience knowing that I would be a) staying on South Beach's party street and b) staying there on a weekend. You don't go to New York and expect to hear birdsongs-- you hear traffic! To me, South Beach/Ocean Drive is much the same; if you want to be in the heart of the action, you're probably going to hear some of that action. There are hotels that are quieter, but they're a few blocks from the main drag.
So, noise aside, how was the rest of it? For the most part, great. The room is massive, and the view of the Ocean is gorgeous. There was plenty of space for luggage, lounging, and so on. At a glance the room and decor is quite beautiful, but up close I noticed that the rooms are getting a tiny bit worn. Nothing major, but might be time for a bit of a refresh.
The food was my least favorite aspect of the experience. We ordered a chicken sandwich and guacamole with chips as a snack to share among two. The guacamole was pretty good, as were the fries that came with the sandwich, but the sandwich itself was pretty greasy. I suppose I expected something a little better, given the beauty of the hotel and the higher star rating. Prices were decent, but when the food is only so-so, it makes the price seem less reasonable.
The bell staff and front desk agents were the highlight of the experience for me. They remembered my name after the first meeting, were always very friendly and warm without being over the top. They took care of requests seamlessly.
All in all, a good experience!