Storm Hotel is compact and efficient. You won’t get a spacious room, and it probably won’t have a stunning view, but it will be clean and have all the necessities. In other words, a typical Reykjavík hotel. There is no restaurant, but the hotel serves a simple buffet breakfast in the morning. There is a small lobby bar, drinks only, open in the late afternoon and evening. (You can easily cross the street to Bjor Garðarinn for more food and drink choices.)
The east end of Laugavegur, the main shopping street, is a 7-minute walk from the hotel, and the downtown center is a 25 minute walk. If you’re going farther afield, most tour operators will tell you they can’t operate buses in the city centre, and will direct you to “Bus Stop #12” for pickup rather than the hotel. Bus Stop #12 is literally right in front of the hotel!
The reception staff were always friendly and helpful. If your flight arrives well before check-in (as most from North America do), they will store your luggage free of charge so you can enjoy a day in Reykjavík. Or you can ask for an early check-in. It’s not always available, and it will cost €30.
If you’re renting a car, be aware that the hotel has limited parking. You may need to find a paid parking spot.