Pro's: within 5mins walk to old town and 10mins from both the ferry terminal and bus station, off the "main" road so no traffic noise, double room had a comfortable bed and reasonable sized room for the money, private shower and toilet room with shampoo & conditioner, separate kitchen area with kettle, microwave, seating area and a outdoor deck overlooking the water which was a suntrap in the afternoon, evening chocolate next to bed was a nice touch, all staff friendly and patient with our lack of spanish.
Con's: breakfast served in the hostel across the street, shower room was about as small as it could be, no laundry facilities (apparently the hostel over the road does it but when we went they couldn't do it for some reason)
Overall: We ended up extending our time as very relaxing and enjoyable stay