First off, location is fabulous. It is across the street from Plaza Mayor, which nearby has tons of restaurants, bakeries, etc. Salamanca, in itself, is not a big city (especially the touristy old town), so everything is definitely accessible by foot. Don't even worry about the location piece.
The hotel itself feels a bit older. The rooms are clean, nice, but some aspects of it reflect the older nature. Don't get me wrong, its actually quite beautiful and definitely extremely clean, but it is not a swanky modern hotel. 2 things drove me nuts: when you insert your key card card to turn on the lights, the TV turns on in full blast. I was staying there by myself so I was freaked out every time. Secondly, the hall way lights are motion activated, so when you get off the elevator, it will be pitch dark.
Despite those two things, I recommend the hotel to anyone. I stayed in the single person room and it was tiny but perfect for 1 person. The room is only slightly bigger than the bed! It is a great value for the price that you pay.