Chaminade is the nicest hotel in the city of Santa Cruz. It's a great getaway, but be forwarned the road leading up to it is steep and remote, so there's really no entertainment options within walking distance. The city buses certainly don't come up there either, so to get anywhere plan on driving or calling a cab.
Chaminade is basically a resort, so it's also not the place for visiting parents of college students (unless you don't really want to do all that visiting) or for young children.
Go there for tennis, swimming, beautiful views and R&R.
Pros: beautiful views, very relaxing
Cons: expensive, remote