Fantastic location, walking distance to zocalo but without the street noise. Bed is huge and comfy and AC unit in bedroom works well. As for the hot water situation, I found that the wand attachment in the shower kept a consistent temperature (not so much with the overhead fixture, which ran hot and cold). We could hear noisy neighbors from the living room but the bedroom area seems to be well insulated and couldn't hear anything once the door was closed.
One thing: I found it difficult to apply/blend makeup with the lighting in the bathroom. If you plan on attemping a smoky eye or winged liner at night plan on bringing a compact makeup light with you.