Yes, it is fairly a good place to stay. Try their restaurant/bar at the ground floor, it is quite cozy and interesting. However the hotel is a bit off the downtown area but not that far. You can easily take a jeep. Check this website for more detailed info at
cdoguide - Cagayan de Oro Travel and Tourist Guide Click on Accommodations page. By the way they recently expanded so the facade has changed a bit compared to the photo but the rooms are basically the same. ------