More important than any ups or downs of staying at this hotel is the fact that the hotel doesn't exist! OYO has a deal with a hotel called the Arcadia, where I guess they resell a certain number of rooms, but when you book here you're actually looking for The Arcadia. This was a huge pain when we arrived since no one knew anything about an OYO "near Iron Bridge." We were lucky to have a patient driver who'd already taken us a long way, and lucky that we had a sim card to call OYO, although it took two calls to find someone who knew where the hotel was. I called hotels.com about this - someone needs to alert people that they're looking for the Arcadia.
The hotel itself is meh. Clean enough, I suppose, although the bathroom smelled really bad, and during our stay the place was noisy with families leaving their doors open and kids partying in the halls. Unless you're there to book a cruise, don't stay in Alleppey at all if you don't have to. The bar, located below the hotel and only accessible from the parking lot (stricter booze laws in Kerala these days), is a super dark and creepy place, but perfect to grab some takeaway beer/booze for your backwater cruise.