We've stayed in the Lusso a few times since 2011 and have seen a definite decline in the hotel since that first stay. It's hard to pinpoint what, exactly has changed, but the whole thing just seems shabbier overall. There was dust in the folds of the curtains, the fridge froze everything we put in it, the wifi wasn't working at all (when I called reception they said it was "patchy" over all their properties, but mine flat-out didn't work the entire weekend and I had to use a hotspot, which also didn't get great reception).
The Lusso also feels a bit lost in the shuffle of downtown when it comes to eating and amenities. It has no dedicated restaurant, and while the attached pub is okay and was willing to let us take up drinks and cutlery, it wasn't easy to order room service. There's no spa or gym or anything extra either, which for a hotel only a few dollars cheaper than the Davenport seems odd. I'm not sure if you can use the facilities there while staying at the Lusso, but even if you can, it's not the same as having these things on the same property.
I guess I'd say this place is okay, but if you're going to spend this kind of money, stay at the historic Davenport!