Were you wanting to stay in Hollywood to see specific things? In other words, does your location have to be Hollywood?
I haven't stayed at that hotel, but we drive by it often. Personally, and this is only my opinion, I wouldn't feel comfortable staying there. The street in front of the hotel (Franklin) is busy and usually is clogged during rush hours -- so that would lead me to wonder about the noise factor. Also, there is a park across the street where a few homeless people spend the night. The area isn't really bad or seriously unsafe, but I would feel more comfortable elsewhere. There are several chain hotels around the corner on Highland (Lowe's, Hilton Garden Inn, Holiday Inn Express & Suites, Best Western Holiday Plaza Inn), so my preference would be to stay at one of those properties. Just my 2 cents. YMMV. Hope this is helpful.