I went across this tower twice during my visit to Prague:once in the evening and once during the night-and believe me you need to do it this way cos it's worth it.
It marks the start of the Charles Bridge from the Old Town Side. It is often considered to be one of the most astonishing civil gothic-style buildings in the world. Next to the Bridge Tower is a square where you can get a good view of the river and most of all a stunning scene of the Prague Castle on the hilltop across the river. The view is fantastic at night-hence I recommend a night visit to this place. In here, you can take one of those "postcard" pictures.
Even though it's quite at night, this part of the bridge is a different place during the day. During daytime, there are lots of artists, painters sitting around the place to sell their art and there are also little stores that sell souvenirs, quite a different picture. It surely is one of my favourite spot in Prague.
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Advantages: A beautiful view Disadvantages: Depedning where the hotel is, it can be a bit of a hike to get to and all the side streets are easy to get lost in