If you're looking for history, the Iron Gate has it in spades—the original building dates to the 14th century, and the architectural details are fascinating (ask to see a room with painted ceiling beams). During the 16th century it underwent a major renovation, adding balconies and terraces. In 2003 it was restored yet again, exposing the original frescoes that had been hidden for years.
The sleigh beds, tasteful antique touches, and fluffy terry bathrobes are nice details in the opulent rooms.
Spring for a junior suite rather than a standard room if you can--usually they are only a tiny bit more expensive but you'll probably end up with a gorgeous fresco or painted wooden ceiling for your money, rather than the much plainer standard room.
Some of the suites have two bathrooms and a jacuzzi, but the standard rooms also have decent bathroom game, with mosaic tiles and modern appliances.
YOU SHOULD KNOW Some visitors have complained about the size of the bathrooms and even some stains and marks. We'd say think of the Iron Gate as an old Ferrari --she's been round the block a few times but she's still quite swanky.
Full European turn-of-the-century glamour here, complete with chandeliers and an old-school wooden 'recepce' (reception) desk featuring columns and carvings.
Deer Prague, the hotel's restaurant, offers indulgent Czech and European dishes celebrating seasonal ingredients. The food and its presentation, as well as the setting (including a pleasant courtyard), at this stylish eatery are all pretty good, but not exceptional.
YOU SHOULD KNOW There have been some issues with poor service at the restaurant.
You can have a drink at the bar of Deer Prague, perched on gold and leather studded chairs by a mahogany-colored bar, and feel pretty fancy.
By foot is best as the hotel is in the midst of the pedestrianised area in Old Town. You are unlikely to need public transport, but if you do, Staroměstská is the closest metro stop.
A pleasant stroll through Old Town will take you to Cafe Slavia (10-minute walk) on the river, one of Prague's old-school central European-style cafes. The lunch menu is in Czech, but is fantastically priced and delicious, comprising a soup, main course and dessert, and the waiters can usually help with translation. Le Terroir (2-minute walk) pairs amazing wines with a cheese room and playful French-inspired cooking.
One of Old Town's true old-school boozers, U zlatého tygra (3-minute walk), is very close. Small but charming jazz bar AghaRTA (3-minute walk), named after a Miles Davis album, is also nearby and hosts good local jazz bands.
WHY WE LIKE IT
If you want the full Prague luxe experience, but with a few of the corners rubbed off, try the Iron Gate. The rooms are individual and special, the location is perfect, and the slight sense of faded grandeur adds to the romance. The 14th century building has a good historical pedigree, too.