Just did a search on TIDD... damn that's a good rate!
I've never stayed there (at this hotel), but since no one else is replying... the hotel is in an older part of the city. The area is ok, not run down at all. Its just that most of the shops and cafes around there mainly cater to locals, mainly selling preserved seafood and other traditional local groceries... kinda quaint if you like that sort of thing but its not a very "tourisy" area.
Transport can be a little bit of a hassle in that part of town. Its quite a ways from the nearest MTR station (the best way to get around), so you are limited to taxis, buses and trams, which can be a bit intimidating to use if you don't know the language/area. But there is an express bus (A12) that stops nearby that goes straight to the airport. Otherwise to go anywhere else just ride the tram eastbound a couple of stops to get to the MTR, shouldn't be much trouble at all besides the hassle/time factor.