Location is excellent, it is the safer part of the Centro Historico. The streets were clean and we felt very safe at all times. I did not try the tacos across the street from the door, but there were long lines every day, so they must be good. The street behind is closed to cars and has four blocks of mostly restaurants.
As others have commented, there is noise from the bars in front, and cleaning crews are sometimes noisy at 5 am (which I noticed because I was up) I always travel with ear plugs, and I slept soundly.
You do have to carry your luggage three flights up, I liked the work out, but be mindful.
We enjoyed our stay.