The hotel couldn't be more centrally located. It is dead center in the middle of Old Central Reykjavik between Hallgrímskirkja Church and the Old harbour. It is surrounded by shops, bars and restaurants.
The hotel itself is a good value, especially with the included buffet breakfast. Rooms were clean and upgraded. Room had a large, comfortable bed, large wardrobe, wring desk and chair, phone and TV. Staff was more than friendly and courteous.
With that location comes a price. The hotel is surrounded by bars and restaurants and it is also on a major bus street, so it does get noisy at night. I had read this in advance and came prepared with earplugs.
Overall, it is a great hotel and a bargain with the included breakfast buffet.