The hotel seemed to be very good value around 200 EUR for a simple 2 bed room. For Americans it was "cosy" and not very spacious, but did not feel like a hostel. All of the staff were very helpful, outgoing and fully multilingual.
The location was nice, with the hotel across the street from the coastline, a 2 min walk to the free city bus stop, 5 minutes from a nice lighthouse on a hill and 10 mins from downtown.
Parking - there were about 20 free parking spots in front of the hotel; try to park on the right side of the entrance as the driveway on the left side is quite narrow. If all spots are taken, there is a generous size gravel lot across the street and maybe 50 meters going away from town.
Note - the front desk staff are often helping other coworkers but a quick ding and they're right there. A special shout out to Jenny, the GM, who was extremely helpful when my flight back to Keflavik canceled (this happens often, 10% of the time for Icelandair) and helped me extend my rental car and stay at the hotel.
While free breakfast is served from 7-10am, the dining tables and silverware are avail at all hours. The tap water is better than bottled water. AND they have vending machines if you need a late night snack. Beer is sold at the front desk.
Showers also have a rain shower head and a handheld. The windows open for fresh air and the televisions have multiple channels from Nordic countries, including local sport coverage, which is fun. Loved it!!!