Pretty Good Option
This was a nice hotel to stay in. It was reasonably priced compared to others in the downtown core. It is directly across the street from the Plaza and Cathedral, an excellent location. The staff spoke limited English, but they were helpful and tried to accomodate us as much as they could.
Parking is by valet only, and it is not available during the night (so watch out for early flights!). I would highly reccomend using taxis rather than trying to rent a car.
There is a Hotel Resteraunt that is good food, although if you walk a block or two off of the hotel/plaza strip, you will find much less expensive food that is good.
The hotel left several bottles of bottled water in our room each night, which is a nice touch since wo would have been buying it at a store anyway (they did not charge for this). The rooms were nice, and the bed was great.
BUT NO AIR CONDITIONING. When we stayed in July, this was not a huge problem (it was warm, but not unbearable), but it is probably one reason why this is less expensive than, say, the Virrey de Mendoza across the street.
You will LOVE Morelia, and this is a pretty good place to stay if you don't speak Spanish and want something in the heart of the city's tourist district.