Ko Phi Phi is so small that basically any hotel would do, but this one is has a great access to the beach (not the best though) but is side by side to the hot spots after hours. There are rooms that will be far enough from the high music to the point that will not bother you, but the hotel is entirely constructed of tin wood and you will hear lots of noise.
On the other hand, party life is what Phi Phi is all about, so this spot will be great for that reason. Parents with (small) kids: STAY AWAY. You will hate this place. But if you like to have fun, then go for it. Compared is a good cost for the benefits offered. Service is not good at all, but you will not be mistreated, so good enough. I'm on my fifties and I had a blast with my wife there.