This place was decent, value for the money and most of all, since the booking cannot be done over internet, it is easier to find accommodation during peak seasons (call the hotel directly or visit its partner hotel - Aram Hotel - near BKC at Mumbai). I was a bit fooled by the photos of swimming pool, jacuzzi, view to the waterfall etc. The pools were unusable - but since the rate was very cheap (approx 1600 per night), I was not upset.
The rooms were clean and enough hot water and room service was very good. The food was very good. There is no proper restaurant, but you can order food at the room and the food is indeed good.
This place is around 4 kms before Mahabaleshwar and it was OK.
Do note that if you are going to Mahabaleshwar just to relax and sit in the hotel, then this may not suit you - especially if you have kids, since there is nothing much to do in the hotel itself...