Located 150 meters from Central train station "Hlavni Nadrazi" with Airport Express Bus, metro and many trams. But you will probably just walk everywhere.
Sightseeing start just 250 m nearby. Many other attractions, restaurants, pubs and shopping are around within walking distance. It's 5-6 minutes of slow walk to biggest city square "Vaclavske Namesti" or about 10-13 of walk minutes to Old Town.