I stayed at the Palmer House for @ $150/night on a corporate rate. The bed was excellent, the linens/towels were top of the line. I did not find my room shabby, as other reviewers noted. The Palmer House is over 130 years old. Rooms have older woodwork and classic furniture; I think that lends to the ambience of the place. It is expensive, and I'm not sure I'd stay there if my company weren't picking up the tab. But the hotel itself is still awe-inspiring. 
