I stayed one night. It is in the middle out downtown. Great restaurants, venues, and the ocean are all in walking distance. There was a large concert a few blocks away that I could hear from my room, but I was still able to get a good night's sleep. Ear plugs are avaliable at check in. It's a good spot if you are trying to be in the action.
Please note that is a hostel that can also be booked on various other websites. The bathrooms and showers are shared, but I never had any issues or had to wait in line to use them.