The hotel itself is in need of updating, but the location is so good in the middle of the strip, it's hard to not justify choosing PH.
The rooms are dark in decor and lighting with old furniture (think: broken tv/clothes armoires). The accommodations are underwhelming overall, but it's my understanding that they are in the process of updating some rooms. I have stayed at PH 3 times, 2 of which where things were wrong in rooms (lamps/lights not working, aforementioned broken armoires , missing drawers etc).
My needs aren't for anything fancy, so the fact that I am displeased on the whole with the experience of staying at PH feels telling.
They should be thankful that the location is desirable and that the adjacent Axis Theatre draws a large population of show-goers that pay for the convenience.