My main worry was that this would not be central, but it is. Maps of Prague give the impression that it is a larger city than it is. We walked everywhere. It's true that it is on the south edge of the most touristy part, on a busy street.
The room was smallish but nice. We were immediately assailed by the smell of cigarette smoke, even though it was booked as a non-smoking room. We went back to the front desk, but were told that no others rooms were available in that class. The smell was not too bad, but disappointing.
The room (#111) was on the side of the building, and quiet except for Saturday night, when drunken lunkheads staggered by outside banging stuff and shouting. One morning the maids were chattering loud and long in the corridor.
The public areas seemed recently renovated. The breakfast was large and long (7-11): all sorts of meats and cheeses and smoked fish and fruit and cereals and breads and even tortes of various descriptions.
Shower etc were fine, though the tiny single soap was used up daily.
There were several numbered wireless networks. The front desk will give you the key. I found that I lost the connection frequently (had best luck with "Thalia 41") and had better luck when I tried to repair it than when I tried reconnecting to it or others.