This is in regards to "renting" the upstairs room, not the downstairs restaurant or bar.
In the past three months, two of my friends have rented out the upstairs. It's a great open room with bright green carpeting, a dance floor, bathrooms and a bar. The best thing about it is that you can rent it out for free, the worst thing is that all those extras add up.
We've had a DJ both times and 1 or two bartenders. The service was great, but the food is a bit spotty. Don't order the pizza (worst in town!) or anything not on the menu. My one friend had a Mexican themed party and wanted a nacho bar. They had great chips and toppings but the nacho cheese was a large salad bowl filled with cold gelatinous crap. She'd also asked for bottle service - two bottles of Cake Vodka. At the end of the night, expecting to pay for two $75 a bottles, she was given a $500 shot bill. Surprise!
Overall, I think it's a great venue - especially for bachelor parties since Diamonds is right across the street. Just know what you're ordering in terms of food and alcohol and it will be a great night!