We spent three nights here over New Year 2015.
The room was clean and more spacious than expected, especially given the price, although we did not spend much time in the room. There is a breakfast buffet and a nice roof top open lounge area. Service here is fantastic, and any request made was met positively and swiftly.
The hotel is situated in the heart of Jerusalem's social hub, with many restaurants, cafes, pubs and shops within a few minutes walking distance.
Most importantly, the old city of Jerusalem, with its many landmarks is within a walking distance. You can comfortably walk to the western Wall, the Garden Tomb, the Church of the Holy Sepulcher, the Tower of David, the Dome of the Rock, the Mount of Olives and many other historical sites.
I'd recommend the hotel to anyone on a budget visiting Jerusalem, be it couples, family or friends. You cannot find a similar accommodation with such a central location for a similar price point.