I Second the Motion!
I've stayed at the Santiago 6 times, the most recent being after their renovation. However, I was in no way disappointed on my previous visits. It's a high-class operation with bargain rates in July-August/January/February. It's blessedly devoid of posseurs and teasers - just a nice bunch of cordial fellow guests complemented by an eager-to-please staff. There are on-site laundry facilities and a gorgeous pool at your doorstep.
The most noticeable improvements undertaken during the upgrade were the bathrooms. I'm a confirmed believer that this is PS's best place.