Great hotel. The spa pass is worth purchasing while you're there, as they have two jacuzzis (one indoor, one outdoor), plus a dry sauna.
A bit of major construction next door to the property, which I think is why you can get a good deal here at the moment. I was up early everyday, so construction didn't affect my stay. On-site parking is first come, first serve, so it fills up quickly. There are adjacent free parking areas, but it may be a bit of a walk.
Great location to the downtown shops and restaurants. Staff was incredibly friendly. I'd for sure stay here again next time I'm in Iceland.