Elysee has got a location right on Vaclavske Namesti, and that can be a good thing. But do consider that this area has lots of traffic and is a hub for some rather unruly nightlife. If you don't know Prague, you may not realize the difference: some hotels are "centrally located" meaning in the pedestrian zone near Charles Bridge or right on Staromestske Namesti - and these places are relatively peaceful, historic - and of course - romantic.
But Vaclavske Namestu is increasingly the stomping ground for stag parties, and the working ladies who attend them, and the kerfuffles that ensue. Not that this has ANYTHING to do with Elysee, a perfectly lovely hotel tucked into a passageway of the Square, and up one flight in an elevator. But it IS a factor.
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