I stayed at the Iron Gate last May for 4 nights and it was a wonderful experience from start to finish. The hotel is a beautiful centuries old home (actually a couple that have been cobbled together and restored without losing any of the rustic charm yet with modern amenities and attractively decorated rooms and an elevator) and there's an inner courtyard for dining along with a big breakfast/dining area indoors.
I arrived close to check-in and had to wait about 20 minutes so I had a bite to eat in the courtyard, then was given an upgrade to a junior suite looking onto the courtyard that was just lovely--spacious sitting room with TV, couch, chair and desk separated from bedchamber by double doors. That room was also large, with a chair and area for in-room coffee maker and refrigerator. Bathroom also quite large and had a separate tub. Excellent climate control (weather varied quite a bit and I used both heat and A/C), windows that opened, heavy drapes with sheers and the bed was very comfy with nice linens and pillows. Overall very clean and quiet. As a solo traveller I booked a deluxe queen room and that would have been perfect, but the junior suite felt like my own little apartment.
My stay included breakfast and I found it very tasty with a good variety of meats, cheeses, cereals hot and cold, pastries and breads, eggs and fruit. Not as fancy as some European hotels I've stayed in but certainly nothing to complain about--I headed out each day well-fed.
The staff was nothing but polite and very helpful when it came to asking directions, where the metro was and arranging my cab at 4 am on departure day. Word to the wise if staying in Prague's inner area--the streets are extremely narrow and twisty and cabs can get stuck behind garbage trucks--so if you're leaving in the very early a.m. on a weekday plan accordingly.
I truly enjoyed my stay there and would definitely return, it stands out as one of the more exceptional hotels I've stayed at, loads of charm, great service and perfectly located.