Room (one of merely 8 in the hotel, I think) was wonderful: spotless, well air-conditioned, roomy enough (a basic single), and the rate was highly competitive. LOVED the roof-top terrace where you could dine or not - and no one pressured you to dine or have a drink. One cool evening, the man on staff up there brought me a beautiful grass-green pashmina shawl to drop over my shoulders... not only was it perfect, it was the perfect color for what I was wearing. Now I call that phenomenal!
Yes, it's on a side street - but that side street leads almost directly to the Hagia Sofia, Grand Bazaar, and all of Istanbul's wonders. There are marvelously tantalizing shops in the area, a great hookah place around the corner to the left and up the hill (on the right), and everything else a person could want. The very local tavern and its denizens across the street did not look welcoming to a woman traveling alone, but that was about the only "complaint" - and it's not a complaint at all with so many other places within a few steps - and the Hotel's marvelous food and service, too!
Have a few simits, see Topkapi, take a Bosphorus cruise, experience the wonder and magic that is Istanbul.
P.S. An American professor friend is in Istanbul right now - says it's fine but in desperate need of visitors/tourists. He feels very safe there, and the Turks have been extremely kind and welcoming to him and his wife.