We stayed here twice in November (made the latter reservation during our first stay since we were very happy with everything). Very fresh hotel with very welcoming staff. Even the less expensive rooms are nice-sized considering the location and that they are in a historical building. The bathrooms weren't super new but very clean with quite nice shampoos, conditioners, lotions etc. The rooms have efficient heating and air-conditioning systems.
Location is excellent as well: 5 min walk to Union square and Chinatown; 3 min walk to metro and Bart stations (metro will take you also to Caltrain station in 15 mins). About 10 min walk to Moscone conference center. In addition, F tram takes you from Castro to Embarcadero to Fisherman's Wharf. California cable car (10 min walk) is less crowded that the two other lines. A bit more central location would be in the Union square but this is great as well, and there are some restaurants around the hotel, nice cafe next to the main entrance and some bars like Rickhouse serving excellent drinks.
I did not notice any noise from the ongoing facelift in the hotel. Rooms facing the street in the higher floors did not get much street noise, but in the lower floors you can hear that you're in a city. I was still very happy with the street view rooms we got.