Stayed there one night last week and really couldn't complain too much about anything. I'd highly recommend taking a taxi there and the going rate is 24,000 or $10USD. If you're paying in US dollars, they only accept new bills.
The hotel itself is very clean and the staff very friendly and spoke great English. We even had a breakfast to go since we left before it started. The room was spacious and clean and the bathroom very nice.
The bed mattress is extremely hard and pillows very thin. The shower pressure is good, but it takes at least 5 minutes for the hot water to come through.
Definitely a good option while in Ulaanbaataar, but not for more then a night or two. More