Hi, yes, it is a very old,classic and it is cheap. The location is quiete convenient. I would recommand Taitu hotel if you would like to stay in older places with athmosphere. Taitu hotel is in Piazza area, also quiete central and lately they are renovating it step by step. There are many different rooms in different price categories, it has a nice restaurant, bar and terras with a nice view. And recently there is a jazz club opened in the building. I think this is a better place also to meet other tourists and local, if you like that.
If anyone who wants help in this regard i am there happily well come you!!