Pros: Very handy location to stay because there is so much to do in Venice.
Abbot Kinney is a short walk, Great White is a cool restaurant opposite the hotel with great food.
Comfy beds. Decent amenities.
Only downside would be the noise. Staying on the 6th floor is not ideal as you can hear the music quite loudly throughout the room.
But I moved down a floor and it was a lot better. Lots of bars and clubs around so you'll still get a lot of street noise.
The singular elevator is a little annoying and given the popularity of the rooftop bar, if you want a quiet stay this isn't the one for you as you'll often be packed in the elevator with a bunch of party goers.
All in all though the location is definitely worthwhile If you can get over the noise.