It's cheaper than a night in an hotel but you cannot expect any sort of bells and whistles for this money in London. The common parts are tired and the room that I stayed in was also in need of some TLC. The walls are very thin so room can be noisy.
On the positive side, the location is excellent and the room was clean. The shower was good and the bed was comfortable. The blurb warned that guests may have to use stairs to access their rooms but not that they would have to climb up a ladder to go to bed. Not an issue for me but would be a barrier to some, less able, people.