Like others here have said, it's very good --- but it's not 5-star excellence.
The staff/managers/etc are all great. The service is fine. But the rooms are just okay. Spacious, but not special. Worst part is the shower design in some (most/all?) rooms : Truly horrible layout/design.
However, the location is indeed excellent. Right in the center. Right next to Chinatown and all kinds of amazing amazing amazing food. Walking distance to the QV mall, the Bourke St mall, the Victoria Market, ... Location is great.
Melbourne is one of the best cities in the world. If you're in Melbourne, you're gonna have a good time. Enjoy.