My boyfriend & I stayed for two nights to attend the Muse concert at the Air Canada Center. It was a last minute reservation and I hadn't been in Toronto for years, so I went quickly through some reviews online to find a good spot downtown. The hotel is at very short walking distance of the subway, Union train & bus station, many restaurants and cafes, Eaton Station (10 min), CN tower... But most of all, it offers you this quick access to all the attractions without the boredom of a chain hotel. The lobby itself is quite beautiful, and the room we booked was cool-looking and very clean. We both agreed it was the most confortable bed we ever slept in! The only downside for me was the Wi-Fi connection: while it was free, it was very (very!) slow, and we were located on the third floor. Also, Yonge St. does get noisy even late a night, but nothing earplugs can't deal with.
I would definitely stay there again.