I rated this hotel a 4 because it delivers on all of the really important things. Our room, albeit small, was very comfortable, the beds were great for sleeping, the bathroom was adequate, it was very clean and very quiet. The AC worked perfectly without a sound. The location of the hotel can't be beat, it is in the heart of the Centro Histórico, just a few steps from a main pedestrian walkway with shops & restaurants and close to many of the beautiful plazas with churches and museums to visit. The lobby is beautiful and a comfortable place to hang out if you have nowhere else to go.
The negatives are that there is minor maintenance that needs to be done, some peeling and marks on the walls. The rooms do not have the same charm as the lobby, they are pretty utilitarian square cement boxes. The service by the lobby is good but not great - there were opportunities for the staff to go above & beyond (thereby earning that 5th star) that they left on the table. The attached restaurant, although quite affordable, is mediocre.
Overall, I would stay there again.