Perfectly located within Thamel, which is where all the restaurants, shop vendors, and bars are located. However, it's down a side street, so it's really quite.
You can walk anywhere, which is what you want in Kathmandu. This is the heart of the city.
The rooms at Hotel Jay are spacious and clean and the bed is comfortable. Special shout-out to Rajan at Front Desk, who has made my time here really easy. He has given me suggestions on everything I have needed -- taxi fare expectations, restaurants, laundry, and tourist attractions. He speaks great English, which isn't always the case with most people you meet in Kathmandu.
Highly recommend this hotel!