The Place is excellent for having an experience of Bologna without the rush of the city center. There are some great restaurants in the area as well as some shops, markets and parks nearby.
If you wanna walk to the centre, it takes around 30 min or you can rent a bike. The walk goes through the old Jewish ghetto and the University of Bologna, there are plenty of sights to see. Very nice walk.
The hosts are amazing! Really helpful and nice people.