This is a hotel geared to the younger crowd. I'm 40 and there were just a few guests older than me.
I paid $150 per/night through Hotels.com and I got a "Spectacular Room with a lake view.
The decor is nice, it has a nice plasma TV, the view was nice. The room was clean. The best part of the hotel is its location which is only an 8-10 minute walk to all the attractions on Michagan Blvd or the Navy Pier. They also have a free shuttle that will take you anywhere within 5-miles. I found that that saved a lot of cab fare.
The negatives are that you can hear people when they are walking/talking down the hallways (Although this usually only happened during hours when you would expect people to be awake. I was at the hotel for 5 nights and it only happened a few tiems.) I was never awakened in the middle of the night.
I could hear the TV and people talking in the rooms next to me a few times during the day but it didn't happen at night so it wasn't disturbing.
The curtain shades don't do a great job of keeping out the light and I found that it a little annoying in the morning when the sun came in through the sides of the "Block-out" blinds. I had this problem even when I pulled the other blinds down as well.
The open shutter's from the bathroom to the bedroom are fine if you are alone as I am on this trip; however, would be a little uncomfortable if you are staying with someone as there is little privacy afforded when the shutters are closed.
The staff treat you more as a number than as a guest. They are very distant.
All in all, you get what you pay for. I got a very reasonable rate and feel that I got a good value for what I paid. If you are looking for a high end hotel this is not the place for you. If you are looking for decent decor, great location and clean room then you should be happy here.