This was perhaps one of the worst hostels I stayed in as I went around the world. The Lonely Planet rates it highly, so it may have just been my experience--and I also think that other rooms are better positioned in there than mine was--but I couldn't wait to get out.
My room was one of the windowless ones you get in that part of the world, next to reception. No sink, wardrobe, or anything similar--just a single bed with a piece of foam for a matress and a ceiling fan shared between me and the cubicle next door.
Being next to reception meant that I was woken up by everyone who arrived home late at night and everyone who got up at the crack of dawn.
The manager, but not the owner, was sexist and racist in the space of a 30-minute chat I had while sharing a beer with him--although, in fairness, he wasn't working so I suppose he can hold whatever opinions he likes at that point.
I had plenty of other issues with the place, but it's petty to list them all as most could just be my experience.
On a positive note, communal areas are very clean and there are lots of rooms and dorms upstairs that could be perfectly quiet. Unfortunately, they were full during my visit, so I didn't get to find out.
There's a significant amount of choice in Georgetown, so I'd simply advise not having the Love Lane Inn at the top of your list.