I went here last April (I know, I'm a little late with my review) when I visited Cleveland. The surrounding area is pretty young and vibrant. The hotel is located in a perfect spot near Progressive Field and R&R Hall of Fame. Also, it's within walking distance to House of Blues, Horseshoe casino and a lot of restaurants and bars.
The hotel itself has a ton of potential because the structure is really beautiful however when you look closer, it's a little depressing. The mall are though is really dated. They may benefit from getting some brighter, more modern and youthful shops in those storefronts - coffee shops, a bookstore maybe, a small restaurant, even a small wine bar or brewery would be fantastic in a spot like that. They just need something new that would draw people in because it felt like a ghost town while we were there - and we were there on a weekend. I believe the storefronts were taken by businesses like a salon, a dry cleaners/tailor and a small gift shop. Everything else was dark and closed while we were there. It's a shame really. The Arcade really is unique to any hotel in the area. They should capitalize on that.
The rooms themselves are not up to date, but are clean. The staff is very friendly and accommodating. They offer valet (which I always recommend using) and have packages that include breakfast at the hotel's restaurant. It's nothing fancy but it was a good meal to start the day.