We arrived in the middle of the day and to our delight our room was ready for us. We got a nice room on the 5th, top, floor, facing the inside courtyard, which turned out great due to how quiet it was. The room itself is tiny, and the bathroom would be described as minuscule. The pics from the hotel really do a nice trick of making both look larger. The location of the hotel forced you to walk to just about everything in town since public transportation in the old city only goes around its edges. You can get creative, though time consuming, by using the trolley that stops right outside the hotel, which will take you, with a transfer to the top of the castle which is nice. Otherwise you will be walking everywhere else. This of course is not the hotels fault, it is where it is, and you pick it or you don't. There is a modern shopping mall right next door that is very popular with locals.
Rooms: Tiny, small closet, smallest bathroom I've ever stayed in. Shower is down right dangerous with its size and way the doors open for in and out. Towels were not up to the quality expected from an MGallery, scratchy, though a towel heater is a nice touch. Hardly any room to put your things by the sink. Also hard to find space for 2 suitcases on the floor in room. But yes, not on vacation to sit in room all the time. Bed was very comfortable, 4 pillows on the bed for you to chose from. Very hip design of the room, goes right along with the MGallery style. Had all the amenities you would expect from them, can't think of anything missing that I would have needed.
Service was what I would expect. Housekeeping was good everyday. Arrived on my birthday and did not get the goodies that everyone else here posts about, management said it was due to the rate that I booked for my stay. That seems a bit petty. I always say its the small touches that take hotels from ok to great.
We also overpaid for this hotel due to a Metallica concert happening while we were in town, which we did not attend. So hotel was full, and rates were significantly less immediately after our stay. So that is something you might want to consider when looking for your timing of your stay, they really modify rates based on events in town. If the room is unoccupied they will show you were Kafka lived for a few months at this hotel, which historically is pretty cool. I can't comment about the breakfast or restaurants or bar as those weren't included in our rate, nor do I like to eat in hotels, would rather find where the locals eat.
The real question for this place is: Would I book again? No, probably not, I think I would take my chances with a more central old town location with more bang for my buck.

Wonderful hotel with such great staff. Dining room staff very attentive; front of house staff welcoming and keen to help. Room very clean and comfortable. Great location. Thanks for making my stay so comfortable.

The hotel is a nice old building, conveniently located for the old town and Prague’s excellent trams. The standard rooms are a bit small and with limited wardrobe space - definitely worth going up a level if you can. However, the decor is modern and in good condition and the bed was comfortable.

Despite an appealing menu the restaurant appeared deserted each evening, though breakfast was evidently popular. The staff were helpful and a hotel car for the airport run was about £23 and well worth it.