You won't find a better location in the Old Town of Prague. The square is right down the street, the tram stops are close, there is even a giant shopping mall as well. Several wonderful restaurants and pubs. The only slight negative was that on Friday and Saturday nights people were noisy all night in the streets - it was loud and woke us, but it was quiet on Sunday and I'm sure this is just part of the package of staying in such a vibrant area. Worth it for the convenience, but if you worry about that sort of thing, you might want to plan around it. The building was secure and quiet itself. We never heard anyone else in the halls or lobby. Families live there. Definitely recommend! It was sparkling clean, which is always a huge deal for us!