Positives:
Asakusa is a quieter, older neighborhood and is a great place to stay, if you are seeking peace and quiet. Hotel was very peaceful and the staff was extremely helpful. They were always available to answer questions and to help. More importantly, they all spoke very good English and guided us on how to spend the day.
The room was very clean and well maintained. It even had a fridge in a compact space at one corner. The metro stop was <5 min walk from the hotel. More importantly, there were elevators to help take luggage upstairs.
Negatives:
(NOTE: These are negatives only if you compare against opulent, American way of living :) )
"The room was tiny" is an understatement. It didn't have space to even put my luggage on the floor and open it. We had 2 luggages and so, we could use only one at a given time :). If a luggage was laid flat on the ground, we had to jump over it to go to the bathroom. However, this is understandable since Tokyo is the largest city in the world and real-estate is so expensive. So, we are thankful we got a clean, inexpensive room.
2nd negative is that they kept giving us only 2 towels each day even though we had 2 adults and 2 kids in the room. So, we had to go down every single day to ask for 2 more towels. Again, not a big deal, but I just found this to be weird (may be a Japanese custom to offer only 2 per family? :) ).
Overall, great hotel for budget travels. We traveled with 2 kids and had a wonderful stay. Thank you "Far East"!