While this hotel seemed expensive to me, comparing it with the other prices in Lausanne it's actually one of the cheaper ones.
For the duration of the whole stay you get a public transportation pass, which is a nice addition. The hotel is 10 minutes (by bus) from Renens railway station (S-Bahn trains and metro) and 30 minutes from Lausanne center (either by bus, or bus-metro).
A department store (Migros) is located 5 minutes on foot from the hotel.
Overall the hotel is located in a part of town not too friendly for walking - sidewalks end and don't always lead where you'd expect them to. Going to the nearby department store involves either a large detour or walking along the road and entering through the car park. It's very suitable for a car though - it's close to the highway and main roads and there is free underground parking.
The room is small, but not too small. It contained a bed with a weird mattress pad on it, that kept sliding off the bed all the time, so I had to kept correcting it. As for storage you get a place to hang your things (for about 15 hangers) and five shelves. There is also a decent desk with a chair, as well as a small (22") TV.
The breakfast is classic Ibis breakfast with just the bare classics, so I'd recommend skipping it and going to town instead.