First of all, Lausanne as a whole was a big disappointment. If you're vacationing in Switzerland, the only thing to really see here is the Chateau which was very nice but not essential to see. If I had a do-over, I would have spent more time in Murren and skipped Lausanne. Having said that, this hotel was okay for the area. It is located on the lake which is very nice. We were upgraded to a lake view room which is a double-edged sword. The hotel has no a/c which is fairly typical in Europe but the lake view rooms get afternoon sun. As such, the room was sweltering hot. We opened the windows which allows all the flies to come in as well. Also, the street noise is substantial as the hotel is on a crazy busy street. My parents had a city view room (which looked out onto an employee parking lot) and was significantly cooler. They did offer small fans which helped - a little.
We came on a weekend and got their weekend special which included dinner and breakfast. The dinner was surprisingly awesome and easily worth $50 per person given the ridiculous cost of eating in Switzerland (mainly because their minimum wage is $25/hr). The breakfast was nice also.
In short, if you have to go to Lausanne, this is a good option especially if you can get the weekend special. By the way, parking is across the street and costs $15 per day.