Only a block away from the red/blue MAX lines (red runs to/from PDX), and the green line is a few blocks away as well. The hotel is really nice, with great staff. I love the old-timey feel, having grown up in similarly-aged buildings in really old neighborhoods. Speaking of neighborhoods, the surrounding area is... dodgy, and even more so since the last time I visited several years ago. It makes most of the Tenderloin in San Francisco feel like a midwest suburb by comparison. Probably not ideal for people who aren't comfortable in "rough" urban scenarios. It's not unsafe, but you need to be aware of your surroundings.
The bunk situation is... nice for what it is, but it is not for me. Some of the guests are not the most thoughtful during "quiet time" hours, rifling through their luggage and LOUDLY throwing it around the space, making it really hard to get consistent sleep. Since the personal storage lockers are adjacent to the bunks, it's largely unavoidable, so unless you're a heavy sleeper or you're accustomed to hostel-type situations, I'd pass on the bunks and consider a private room. I'd definitely do that next time I come to Portland - I really did enjoy the hotel and the staff were great.