Spend the extra $40/day you're saving for a better experience
Despite the millions said to have been used to renovate it recently, more should have been spent on the rooms rather than just the atrium and facade, which admittedly are nice.
Our introduction to this "historic" hotel? Mold on the bathroom walls (signs admonish you not to open windows and even if you did want to, our windows were rigged so that they would not stay open--you had to hold them open if you were that desperate for sea air--so moisture/humidity collected inside the room, naturally), looked to be water/fire damage on the ceilings peaking from beneath the drop ceiling (I shudder to think what was hidden beneath the ceiling tiles), both phones in room did not work and were not fixed despite a call to the front desk on the first day (of a 5-day stay; we ended up using our own cell phones and praying PR was within our calling areas :), wedding reception/party held 2nd night in the hotel 2 floors up was LOUD enough to be heard in our room--the atrium-like central area is nice to look at, but it becomes an echo chamber in the evening--and lasted until after midnight (when the volume was turned down, but not off), one of the two main elevators was out during our stay (making for long lines and the doors from the fire stairs lacked handles inside the stairwell on some floors!--so you couldn't walk down to the 1st floor or up to your floor even if you wanted to--also probably a fire hazard...). Check in was also a mess. We arrived around noon, so it was no big deal to be asked to come back sometime around 4...We checked at 3PM to see if anything was ready early but were told to come back at 4, but then at 4 it was: "Oh...just a while longer" (we ended up going to dinner and getting back in at 7PM).
Some of issues mentioned in this paragraph will hopefully just be temporary: Horrible location right now: construction next door and the hotel's around the corner from a blind turn. We sat in traffic for 20 minutes, just 70 yards from the hotel the first day because taxis were dropping people off in odd places, contruction had closed off a lane, and people were double parking. Several police officers on bikes sat watching the fiasco nearby and did nothing. THEN we couldn't even park in the hotel lot to check in because the sign in front of the lot said it was "full" and the guard there waved us away (we later learned the lot was only "full" to nonhotel guests, but the guard hadn't asked us if we were guests).
The location, for San Juan newbies, is also not that great. It's a 7-10 minute walk from the tip of the Condado resort/restaurant area and a hoof and a half from Old San Juan.
So, because the hotel seems to have many pricing deals with travel sites, you can take it to lower some of your travel costs...just either be prepared to be more aggressive than we were in getting satisfaction (we were too busy running off to El Yunque, Vieques, and Ponce to want to waste time and negative energy arguing on our vacation or sitting in our room waiting for a no-show phone repair) or lower your expectations :)