The Hotel Vegas is in a historically preserved part of downtown; evidently this area of the city was very chic in the early 20th the century, then fell into disrepair. It''s just recently been restored. It''s not particularly close to any restaurants or bars though, so you''ll either have a long walk or a short taxi ride when you want to go out.
The Vegas, while pleasant, was not really my kind of place. The outside is very charming, but the inside definitely feels like a hotel. The rooms were comfortable and clean, although decorated with late 70s/early 80s colors and furniture. The attached bathroom was sparkling. Noise was fairly minimal - be warned, though, that Chileans in the city love their car alams, and they''re ALWAYS going off. There are city guides and restaurant brochures scattered throughout the hotel. The hotel does have historic significance - Pablo Neruda was a frequent guest, evidently.