I moved to this hotel (P1 district) from an alternate hotel associated with a work conference (P6 district). I planned this move in advance, as I wanted to experience 'old' Prague. I wanted to be surrounded by the history and architecture of the area. I loved the grand wooden door to enter the building, the exposed wooden beams within the interior and the general historic feel inside.
The location of the hotel is central, which is great for access to the castle and restaurant/cafes. The down side to that though, is that you are consistently surrounded by other tourists. Once inside the hotel though, you can escape it all. It was nice and quiet.
The historic location of the hotel means that no elevators exist. You will need to carry your luggage up at least 1-2 flights of stairs depending on the location of your suite. So, be sure to keep this in consideration if you have any mobility issues and/or limited fitness.