There is really nothing “palace” about this place. It’s a remodeled old hotel, and you can tell — even down to the old-style keys for the rooms.
The biggest disappointment was the lack of proper air conditioning. Our room was very hot, and the only way to get fresh air was to open the (thankfully large) windows. But that created another problem: directly across the street there’s a bar with loud music going past midnight, which made it very difficult to sleep.
On the positive side, the hotel was clean and the breakfast was decent. Still, overall, the experience was far from comfortable, and I wouldn’t return.