Pros: Perfect location! Easily walkable to a lot of places, and surrounded by public transportation. The daily cleaning service is also great, and the concierge even lent us extra towels to bring to the beach! The shower pressure and temperature are excellent.
Cons: Rooms are a little small, but that's fine since you'll probably be exploring the city most of the time and only using your room to sleep in. The more important downside is that the walls are paper thin -- you can hear people in other rooms as if they're right there with you. This definitely affects the quality of the sleep you'll have. On a few occasions we were kept awake by neighbors (they weren't being loud, just talking at a normal volume!) or even woken up in the middle of the night. It's kind of eerie, it actually sounds like other people are in the room with you: when your neighbors open their door it sounds like someone is opening the door to your room, which is definitely startling! We paid $175 a night, which definitely seemed overpriced given the sound issues, though granted it was a very popular time to come to the city.