We love the Lancelot! Can't recommend it highly enough - SO clean, absolutely lovely colleagues, especially catering staff Franky, Nico, Nira, Pedro, Eduardo (and several others whose names I didn't pick up). The food was fantastic - I expected to come home half a stone heavier, but actually LOST weight due to the huge, fresh and healthy choice available, and all the walking we did during the week!
The pool is cold, but very welcome in the 35° temps we had in early October, the only problem would be for anyone less mobile to get up the final flight of stairs (the lift only goes as far as the pool bar/gym)
The Lancelot is very conveniently situated, right on the sea front, and the bus station is under 10 minutes' walk, Intercity fares are very inexpensive - we caught the bus from the airport to the Lancelot and it only cost €1.40 each, saving us a £30 transfer! Arrecife to PDC was I think €1.70 by bus.
We walked right out to the lighthouse beyond the castle/fort/museum a couple of times (excellent spot to watch the sunset from), and spent many happy hours rambling around the streets, testing all the flavours of ice cream.
We loved it, and can't wait to go back!