I have stayed there a number of times and I would suggest you pick a different place. There is nothing around this hotel of interest and you would be much better off staying at either the Marriott or Ren. or CY in Munich. Please see previous stories others or I have written about Munich. You will not want to be that far away from munich with limited transportation.
If possible stay in the city, you have three good options; Marriott, Renaissance and Courtyard. From the Marriott and Renaissance hotels you have 3-5 minute walks to the subway that will take you downtown. Also, there is an excellent bus service from airport to the two hotels.
I echo the answer of Jerry. I recommend you choose another hotel. The subway in Munich is very good. The Renaissance and Marriott in the city are near stations. The Courtyard downtown is like two blocks from the main rail station which is also connected to the subway. (get a breakfast included rate, the breakfasts are fantastic for a courtyard). That airport hotel...just doesn't seem to be well connected.
The hotel has a shuttle bus (for a fee) that can take you to the Munich airport. The Munich S-bahn has a station right in the airport. From there, you can take either the S1 or the S8 to downtown Munich. If you don't want to bother with all that, there's a Marriott in the city two blocks' walk from the Nordfriedhof U-bahn station and about 20mins' ride from the old center of town.
This link will take you to the site for the MVV - the Munich area transportation system. It's in German, so click on the British flag at the upper right corner to translate to English. Full information available there about the fare structure and maps of the system including the train line to/from the airport. . I too recommend one of the downtown hotels if you are able to do that. http://www.mvv-muenchen.de/
No executive lounge. On the edge of town, but easy subway ride to the city. You can get the subway vouchers from the front desk, but a little cheaper to buy at the station (it is an honor system btw). Only takes from hotel, with a little walk, and subway ride (approx. 5 stops) about 15 - 20 minutes to get into downtown. Nice rooms however!