We spent one night here in March 2005 (on St. Patrick's Day). Cost for a double room with ensuite was $75 including GST. We found the hotel through both Lonely Planet and the Automobile Association guide.
The room itself was simple but fine -- clean, above all. Furnishings were dated, but all functioned. There was a hot water kettle with tea, instant coffee, etc. Television in the room. The halls of the hotel were under repair in places, which gave the common areas a run-down appearance. This might look better in a few months. But overall the $75 rate felt like a lot, given the spartan setting.
The building itself is clearly historic, but it has seen better days. There are some public kitchen areas, as the hotel offers some backpacker units. Our room faced the parking area in back (free parking for guests) and there was some noise coming from there at times. We were amazed that the noise wasn't greater, as there is an Irish bar downstairs and this was St. Patrick's Day! There is a restaurant downstairs, which we did not eat at. Greymouth as a city is not much of a destination -- restaurants shut down early, so be sure to arrive before 8pm at the very latest if you want to get anything to eat.