This is definitely a spot for those who want to be in the midst of the vibrancy of Istanbul night life. You do have to be okay with hearing the hustle and bustle of those that are out, but as far as location goes, it's a great spot for a great price! Very easily walkable to tons of restaurants and bars. In fact, we mostly walked everywhere (even to the Hagia Sophia...about 40mins).
The week we were there, a film crew was filming a movie outside of the place which made for some unwelcomed noise at 5am (just one of the mornings) but there's little that one can do about that :-)