Stayed there a night last week.
If you ever saw or stayed at their previous place, Paradise Motel, this is a very similar type of place. When I read "new hotel", I wasn't aware that it meant new ownership, not new building.
I don't want to say anything bad about the place because Richard is a super nice guy (offered to drive us into town at night when the taxi phone lines were down), but I feel I owe it to the members to write an honest report.
Our room was pretty run-down, the paint cracks on the walls in the bathroom, brown water stains near the ceiling, things like that. Old dingy fridge that I would never dare put anything in that wasn't vacuum sealed.

(But keep in mind that I'm a neat freak so I have a different scale by which I judge things like this.) One of the cons was the location. It's good walk, 20-25 minutes during the day into the center of town. But there are shady characters hanging around some places so better to call a taxi. The other problem was that the taxi line was either busy or nobody was answering the day we were there.
They are in the process of converting rooms into condos, but it's only during the day, no noise at night. Even in the day, it's not bad. They are also building a new building right next door also during the day.
The room was 20,000¢ ($39). I thought it was $55, but I wasn't going to argue when the guy at the reception desk said 20k. Overall, it wasn't too bad, you get what you pay for. Cocal is $110/night during the peak season.